Vocabulary
Owning a Business
Supply & Demand
Money, Money, Money
Economies and Economics
100

Trade goods (or money or services) for other goods (or money or services).

Barter

100
The boss who pays the employee for working.
Employer
100

Supply is:  "The amount of _______ a business _____________."

The amount of products a business produces

100
The place where coins are made is called a _____.
Mint
100
Individual people and corporations own the businesses.
Capitalist economy
200

A valuable product (like electricity or food) that people need to survive.

Resources

200
A business that makes products.
Manufacturer
200

What is demand?

What and how much the consumer wants to buy.

200
A plan that determines how money will be spent.
A budget
200

Some businesses are owned by the people and some by the government.

Socialist economy

300
Someone who buys a product.
Consumer
300
Businesses working against each other to get the consumers' business by producing and selling products at lower prices or with higher quality.
Competition
300
The control of making and selling a product by one company is a _______.
Monopoly
300

________ is the movement of money from person to person or place to place.

Circulation

300
The government controls the supply.
Communist economy
400
The way of life or an economic measure of how well people in a country live. (A country rich in resources tends to have a higher one of these.)
Standard of living
400
A product that is changed to meet consumers' preferences is called a _________.
Consumer-driven product
400

What two of the following factors affect supply and demand?

Resources -  Jobs - War -  Money Supply  -  International trade (trade with other countries)

Any two you said.  They ALL do!

400
Inflation is a(n) _________ in prices when manufacturers cannot meet the demands of consumers.
Increase
400
The United states is an example of this kind of economy.
Capitalist economy
500
When a business is out of money and unable to meet it's financial obligations.
Bankrupt
500
The money a company earns when the amount it makes from selling its products is more than it costs to make them.
Profit
500

Explain the Law of Supply and Demand.

The economic principle stating that prices fall when goods are plentiful but prices rise when goods are scarce.

500

The central banking system of the United States which controls the amount of bills and coins in circulation.

 the Federal Reserve System

500
One benefit of a consumer driven economy is ______.
Competition
600
A plan that determines how money will be spent.

Budget

600

The amount of products or items that a company produces.

Supply

600

What a person absolutely must have in order to live

Needs

600

If there is ________ money in circulation, prices will become too high.

too much    -or-   not enough

not enough

600

an economic measure of how well people live in a country is called:

a S_________ of L_____________.

Standard of Living

700

the boss who pays an employee for working

Employer

700

what and how much consumers want to buy

demand

700

When people do not spend much money, and there is an abundance of supply, what happens to prices?

prices go down

700

The economic principle in which prices FALL when goods are plentiful, but prices RISE when goods are scarce.

the Law of Supply and Demand

700

The economy is the way a country handles its _______ and products

money

800
An increase in prices when manufacturers cannot meet the demands of consumers

Inflation

800

When a business is out of money and unable to meet its financial obligations

Bankrupt

800

When there is not enough of a certain item that people need, this is called a: ______________.

Shortage

800

When there's an increase in prices because businesses cannot keep up with demand of consumers, this is called:  _______________

Inflation

800

the Government gets its allowance through:  _______.

Taxes

900

what a person would like to have but can do without

wants

900

Name one source from which "supply" can come

farms   --  ranches --  factories -- stores

900

What does God expect from the Christian regarding money, the economy, and resources?

Any of these:   We are to work hard

We are to give to those in need

We are to be content with what God provides

We are to be responsible for the money God gives us.

900

When resources are low and demand is high, what happens to prices?

they go up

900

What is a "monopoly"?

When one company controls the making and selling of a product.

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