Goods/Services
Anything that you can buy that you can hold or touch. (Ex-shoes,books,cars)
What is a good?
A characteristic that money must have in order for it to last long and not be damaged easily.
What is durable?
The expansion of the amount of money in circulation.
What is inflation?
The market value of all finished goods produced in a country within a year.
What is GDP?
The number of people who want or need something.
What is demand?
An activity that we pay someone to do for us. (Ex-gardener, barber, personal chef.
What is a service?
The system that money originated from, when people would trade goods to each other for goods that they needed.
What is the Barter System?
The people who benefit first from inflation.
Who are the first people who receive the money and the loan receivers?
What is production?
The amount of something that is available.
What is supply?
A type of finished good that is used to help create another finished good or service.
What is a Capital Good?
A characteristic that money must have in order for people to notice it easily.
What is recognizable?
The amount of things that your money can buy. (Ex- How far will your dollar go.)
What is purchasing power?
According to GDP, if it is not bought in this, it is not counted.
What is the market?
This will go up whenever the demand goes up.
What is the price?
An unfinished good that is used to help create a finished good or service.
What is an intermediate good?
A characteristic that money must have in order for it to be limited in circulation. (Ex-Not a lot of it)
What is Scarce?
Something that the Romans did with their gold so that they could make more gold and pay their army.
What is debasement?
A tractor is used to make this, also an oven could be used to make this.
What is a finished good?
This affects demand by using television, billboards, and the internet to generate want for a good.
What is advertisement?
Something that a person does to earn money.
What is labor?
A characteristic that money must have in order for it to be easily transported or carried around.
What is portable?
Something that happens when inflation gets so out of control that money becomes worthless.
What is hyperinflation?
If it is bought outside of this, it does not count towards the nations GDP.
What is the country?
Whenever a producer has too much of an item and needs to get rid of it.
What is a surplus?