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