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CMS6-Unit 11 Vocabul

Unit 6-Your Financial Future- Vocabulary Review

TermDefinition
interest rates- A percentage or rate (fee) paid back to the lender by the borrower in addition to the amount of money borrowed.
loans A debt that must be paid back to the borrower
investment an accumulation of capital and resources such as houses, goods, machinery, or factories with the intent of increasing one’s wealth (to make money).
currency the type of money used in a country to purchase goods and services
exchange rate The rate at which one currency can be exchanged for another.
inflation The rise in price levels of goods and services over a certain time period.
Gross Domestic Product (GDP)- The total value of goods and services produced by a country over a certain time period (usually a year).
Entrepreneurs An innovative person that is financially successful (by inventing a new product, service or opening a new business)
natural resources Elements that occur naturally within an environment (that are used to fulfill human needs).
capital goods or resources used in the production of goods and services. Usually non-financial related.
tariffs taxes on exports or imports
quotas limits (on exports or imports).
embargo prohibiting partial or complete trade with a certain country.
Traditional Economy An economy consisting of mostly subsistence (individuals or families hunt, gather, and grow what they need to survive) agriculture.
Command Economy A central governing body decides what to produce, how to produce, and for whom to produce.
Market Economy Supply and demand are the key factors that drive production, investment and distribution of resources.
Mixed Economy Combines both market and command economy aspects
Credit The ability of a consumer to obtain a good or service with the payment to come in the future.
Income Money earned through work or investment
Investing Placing money in a venture with the expectation that it will earn more money in the future, though the possibility always exists that it will be lost
Saving Setting aside money so that it will accumulate and/or earn interest
Spending Giving money to a producer in order to obtain a good or service
Created by: jpkelley
 

 



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