Money Vocab 1
What is things people like and desire
Want
What are things you must have to live
Needs
What is it when there is not enough for all who want it
Scarcity
What can satisfy people’s wants
Good
What are activities that can satisfy people’s wants
Services
What is the amount that people pay when they buy a good or service
Price
What is the amount of money you earn or receive from different sources
Income
What is it to receive money for doing work
Earn
When you use money to buy goods and services
Spend
When you keep money to spend later
Save
a business that provides money services, such as cashing checks, making loans, and paying interest on accounts
Bank
a record of money deposited or withdrawn from a bank
account
money put into a bank account
Deposit
money taken out of a bank account
withdrawal
payments made for the use of money
interest
the money a business makes after it pays its production costs
Profit
the money a business loses after it pays its production costs
loss
someone who takes the risk of producing a product or starting a new business
Entrepreneur
people who buy and/or use goods and services to satisfy wants
Consumers
people who use resources to make goods and services
Producers
an occupation by which a person earns a living
Employment
a plan showing how income is to be spent
Budget
promise of payment at a future time in return for goods/ services now
Credit
money owed on an account
Debit
a model of an economy showing the interactions between households and businesses as they exchange goods, services and resources in markets
Circular Flow