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Financial Literacy

Economics vocabulary words

financial literacy when you make wise decisions about how to earn, spend, save, and donate money
producer someone who makes/sells a good or provides a service
consumer someone who buys a good or service
income what people earn when they do work
credit a way to buy something but pay for it later or over time
goods anything you buy that you can hold
services something people do for other people that satisfies their wants and needs
interest money you pay when you borrow money, or earn when you are paid for lending your own money
savings money that you put aside
resources things that are used to make goods and services (natural, capital, and human)
demand a measure of how desirable goods and services are based on availability and price
supply the amount of particular goods or services that are available for use
budget when you make a plan for how you are going to spend your money
planned spending paying money for goods and services you expect to buy
unplanned spending paying money for goods and services you do not expect
Created by: wces
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