Vocabulary
What word means the increase in the amount of goods and services produced in a country?
Economic Growth
GNP grows during times of __
Prosperity (good times)
Something given in exchange for goods or services
Money
It is smart to use credit for everything you buy. (True or false?)
FALSE!!!
Money that you put into an account is called a __.
deposit
What is the total value of all goods and services added up?
What is Gross National Product (GNP)?
An extreme lack of money
Poverty
Coins and paper money are called __.
Currency
__ __ show businesses or banks that payment is able to be made at a future date.
Credit cards
Money taken out of an account is called a __.
withdrawl
Business cycle
The period of time when businesses start to improve or recover
Recovery
Trading something that you have for something that you want is called __.
Bartering
Some credit cards charge a __ when amount owed is not paid in full each month.
Fee
The function or purpose of banks is to make __ to people and businesses.
loans
Recession
When prices rise quickly, but incomes do not, it is called __.
Inflation
An order to a bank to pay a certain amount of money to another person or place of business is called a __.
Check
It is important to build a good __ history so that you will be able to get loans in the future, should you need to do so.
credit
When you take out a loan, you must sign a __ __ saying that you promise to pay the loan back.
Promissory note
BIG slowdown in business activity and consumer spending
Depression
Inflation hurts those on __ incomes.
fixed
(like retirees or disabled)
Money is in an account and paid directly from that account when a __ is used.
Debit
Credit cards charge __, which can be very high and costly if not paid off every month.
interest
Federal Reserve