Vocabulary S.S Economics
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| Barter | Trading goods and services amongest each other. Goods for goods-services for goods.
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| Money | Medium of exchange. Something you use to trade things.
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| Credit | A trust between people. A pleadge to pay later.
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| Stock | Buying shares in company in exchange for a return of profit.
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| Incorporate | Selling shares of a buisness.
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| Consumer | Individuals or institutions which buy and use resorces, goods, and sevices.
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| Producer | Individuals of institutions which use the resorces of land, labor, capital, and time to manufacture goods and services.
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| Finacial Institutions | Institutions which collect savings and make loans on investments in the economy.
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| Goverment | Institutions which have a regulatory function. In executing this responsibilty
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| Economics | The science that deals with the production, distribtion and use of goods, money, natural resorses and services.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| Deflation | When prices FALL with no change in quantity or quality of goods.
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| Recession | A reduction in buisness activity. Declines in investment spending, production and employment which cause consumer demand to fall as incomes are reduced.
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| Traditional Economy | Bartering system(Oregano Islands).
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| Market Economy | Supply and demand determine price. (Mocha)
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| Comman Economy | Goverment controls everything; what will be produced, how it will be produced, by whom. Goverment determines price.
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