Economics Word Scramble
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Question | Answer |
Economics | Study of why people buy, sell, spend or save |
Goods | physical objects |
Services | work or expertise |
Producer | individuals that sell goods or services |
Consumer | individuals that purchase goods or services |
natural resources | resources from the earth |
human resources | people needed in order to produce good or service |
capital resource | tools and structures need to produce a good or service |
scarcity | a limited quality of something…it gives anything value |
opportunity cost | choices you choose whenever you make an economic decision |
free market | Capitalism: consumers determines products and prices |
command system | communism: government determines products and prices |
mixed economy | socialism: consumers and governement determine prices and products |
private property | owned by an individual or small group |
Public property | owned by the community |
competition | any one person that sells a good and service or product |
GDP | total value of all goods and services produced and sold in the U.S. |
Demand | amount of desire there is for product |
law of demand | the higher the price, the lower the demand |
supply | amount of goods and services available |
law of supply | more money to be made producing good/services, the most it will be produced |
Federal Reserve System | our nations central bank |
Discount Rate | controls how much money it costs to borrow from the Fed and much bansk will load out |
open market operations | fed can buy or sell government securities in order to help the economy get better |
reserve rate | fed determines amount of deposits banks must keep 10% |
monetary policy | influencing the amount of money in the economy |
money supply | total amount of money in the economy |
inflation | when all the prices go up, and when there is too much money in the economy |
inflationary spiral | people have lots of money. they spend less, prices go down, companies hire and pay more |
Deflation | when there is too little money in the economy |
Deflationary Spiral | people don't have money. They spend less, prices go down, and companies hire and pay less |
commercial banks | banks for large corporations |
savings bank | banks for individuals and small business' |
consumer price index | when the government "shops" for goods/services to measure if we are experiencing deflation or inflation. |
Currency | bills and coins |
Interest | fee for borrowing money |
Created by:
emmie.lewis
Popular U.S. History sets