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Beginning Economics

DescriptionTerm
another word for business commerce
to trade without using money barter
an easy medium of exchange that represents value money
the money used to start a business capital
willing and able to sell at a given price supply
willing and able to purchase at a given price demand
things upon which your life, health and safety depend needs
things for which you desire or wish but life, health, and safety don't depend wants
things you need and want goods
things done for you to meet your needs services
businesses that grow or make goods producers
businesses that buy goods from producers and sell them to consumers suppliers
the people who buy goods and services consumers
a place where things are bought and sold market
prices of products when suppliers sell to suppliers wholesale
prices of products when suppliers sell to consumers retail
a plan for how money will be spent and earned budget
money that is spent expenses
money that is earned income
the amount of money earned before taxes and other deductions are taken out gross
the amount of money earned before taxes and other deductions are subtracted net
money paid to governments taxes
the money left over after all the expenses in a business are paid profit
the balance when more money is spent than is earned deficit
to set aside or accumulate money for needs or wants in the future save
the ability to obtain goods, services or money now in return for a promise to pay at some later date credit
a good sold and brought from another country import
a good sold to and sent to another country export
any substance which has economic vaue. It could be crops, natural vegetation, livestock, wildlife, minerals or landforms. natural resource
not using a resource at all, or leaving it alone preservation
using resources wisely conservation
limited resources with unlimited needs and wants scarcity
a national plan for the production and distribution of wealth economic system
an economic system where the consumers make all economic decisions market economy
an economic system where the government makes all economic decisions command economy
a kind of command economy where a one-party government representing the poor, working class people, owns all businesses and takes away the wealth of the rich and distributes it among the poor communism
a kind of market economy where people make economic decisions for their own benefit, pay lower taxes, and keep more of the money they earn for themselves capitalism
a kind of market economy where people make economic decisions together for the benefit of everyone, pay higher taxes, and receive more government services socialism
Created by: lizkin
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