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S.S Economics

Vocabulary S.S Economics

QuestionAnswer
Barter Trading goods and services amongest each other. Goods for goods-services for goods.
Money Medium of exchange. Something you use to trade things.
Credit A trust between people. A pleadge to pay later.
Stock Buying shares in company in exchange for a return of profit.
Incorporate Selling shares of a buisness.
Consumer Individuals or institutions which buy and use resorces, goods, and sevices.
Producer Individuals of institutions which use the resorces of land, labor, capital, and time to manufacture goods and services.
Finacial Institutions Institutions which collect savings and make loans on investments in the economy.
Goverment Institutions which have a regulatory function. In executing this responsibilty
Economics The science that deals with the production, distribtion and use of goods, money, natural resorses and services.
Scarcity The concept refers to the situation that in the real world the acquisiton of desired (wanted) things requires both a choise and effort. This choise is nessesary becasue there is a limited amount of products and resourses while people have unlimited wants.
Oppurtunity Cost The benifit, or value of the benefit, that is foregone by choosing one alternative over another. one gives up the oppurtunity to watch telivision when a decision to mow the grass is made.
Supply The various amounts of goods and services which prospective sellers would be willing to purchase at differing prices in a given period of time.
Demand The various amounts of goods or services which prospective buyers would be willing to purchase at diffrent prices in a given period of time.
Inflation The relative purchasing power of the dollar as measured by a market basket of goods and services. When prices RISE with no change in quanity or quality of goods inflation exists.
Deflation When prices FALL with no change in quantity or quality of goods.
Recession A reduction in buisness activity. Declines in investment spending, production and employment which cause consumer demand to fall as incomes are reduced.
Traditional Economy Bartering system(Oregano Islands).
Market Economy Supply and demand determine price. (Mocha)
Comman Economy Goverment controls everything; what will be produced, how it will be produced, by whom. Goverment determines price.
Created by: emmie.lewis
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