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24 Cards in this Set
- Front
- Back
labor
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The effort that people devote to a task for which they are paid.
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want
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An item that we desire but that is not an essential to survival.
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need
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Something like air, food, or shelter that is neccessary for survival.
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trade-off
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An alternative we sacrifice when we make a decision.
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capital
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Any human-made resource that is used to create other goods and services.
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scarcity
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Limited quantites of resources to meet unlimited wants.
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private property
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Property owned by individuals or companies, not by the government or the people as a whole.
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competition
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The struggle among producers for the dollars of consumers; the rivalry among sellers to attract customers while lowering costs.
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demand
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The desire to own something and the ability to pay for it.
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supply
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The amount of goods available.
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monopoly
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A market dominated by a single seller.
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bond
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a formal contract to repay borrowed money with interest at fixed intervals.
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assets
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Money and other variables belonging to an individual or business.
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bank
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an institution for receiving, lending, exchanging, and safeguarding money
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credit
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the practice of permitting a buyer to receive goods or services before payment
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debt
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money that is owed for items or services already received
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economy
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the management of the resources of a country, especially with a view to its productivity.
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depression
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economic crisis with massive unemployment
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recession
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period of a poor economy, sometimes limited in scope or duration
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mortgage
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an agreement under which a person borrows money to buy property, esp a house, and the lender may take possession of the property if the borrower fails to repay the money
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interest
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a charge for borrowed money generally a percentage of the amount borrowed
a payment for money deposited in a bank or credit union |
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loan
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money lent at interest
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stock
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the ownership element in a corporation usually divided into shares and represented by transferable certificates
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credit union
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a cooperative association that makes small loans to its members at low interest rates and offers other banking services (as savings and checking accounts)
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