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Economic Terms
| Term | Definition |
|---|---|
| Bank | A financial institution that accepts deposits and makes loans. |
| Barter | To trade one good or service for another good or service. |
| Budget | A plan for spending money based on expenses and income |
| Capitalism | An economic system where businesses and industry are controlled by private citizens rather than the government. |
| Check | A written order that directs the bank to pay money to a person or business. |
| Counterfeit | To make a fake copy of something, like money, in order to use it illegally. |
| Credit card | A card issued by a bank or other financial institution that can be used to make purchases on loan. The loan must be paid back at the end of the month or interest will be charged. |
| Currency | The system of money that is used in a region or country. |
| Debt | Something that is owed to another person or business, usually money. |
| Deposit | An amount of money that is placed in the bank for safekeeping. |
| Free market economy | An economic system with little or no government intervention where pricing is based on supply and demand. |
| Income | Money that is received for work or through an investment. |
| Inflation | The rate that the overall prices for goods and services is increasing. |
| Inheritance | Money or property that is passed from one person to another upon the owner's death. |
| Interest | The charge for borrowing money or the payment for lending money. |
| Insurance | A contract to pay for protection against the loss of something such as a house or car. |
| Investment | Using money to make additional income or money in the future. |
| Law of Supply and Demand | The idea that pricing will be set by the demand consumers have for the product together with the supply provided by manufacturers. |
| Loan | Something that is borrowed, in this case money, that must be paid back with interest typically over a certain length of time. |
| Mint | A facility that manufactures coins for use as money. |
| Monopoly | When one company gains exclusive control of the production of a product or service. A company becomes a monopoly when it eliminates all its competition for a product. |
| Profit | The money that is left over after expenses are subtracted from earnings. |
| Salary | A regular income that someone is paid for their job. It is generally paid weekly, bi-weekly, or monthly. |
| Stock | An investment that represents ownership of a company. Each unit in stock is called a share. |
| Tax | A portion of money that is taken by the government to pay for government services. The government may place taxes on a variety of activities including income, business, property, and sales. |
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