Goods
Products that can be bought or sold
What are goods?
A job done in exchange for money
What is work or services?
An accepted medium of exchange based on trust.
Money/currency
Institution that accepts deposits and uses those funds to make loans.
What is a bank?
When businesses make less money than they spend
What is loss?
The study of how people meet their unlimited needs and wants with limited supply
What is Economics?
When you can replace one item for another such as pretzels instead of chips.
What are substitutes?
Goods that are sent to other countries to be sold.
What is an export?
The number of goods and services that are available.
What is supply?
Money that exists only in electronic form.
What is digital currency?
Linked to a checking account and it's like a credit card.
What is the debit card?
Money made in business after all the bills have been paid.
What is profit?
People or businesses that buy or products and services.
What is a consumer?
When jobs are scarce so many people don't have them.
What is unemployment?
Goods brought into a country to be sold.
What is an import?
Refers to how many people want goods and services.
What is demand?
a required amount of money that people must pay the government to fund government public works projects
What are taxes?
Borrowing money with the intention of paying it back
What are loans?
When you buy a small piece or many pieces of a company
What is a share or stock?
A reason or reward that motivates people to behave or do something in a certain way.
What is an incentive?
A period of time when prices of good services are extremely high.
What is inflation?
People or businesses that make and manufacture raw materials into goods.
What is a producer?
When demand for a good or service is higher than the supply
what is scarcity?
The direct trading of goods and services between people without the use of money
What is barter?
When you pay extra money on a loan or credit card.
What is interest?
The process in which businesses begin to operate internationally
What is globalization?
This is the primary cause of inflation.
What is printing money?
When you give up studying for a test so you can go watch a movie instead
What is an opportunity cost?
Supply of a good or service changes due to demand.
What is elastic supply?
When supply of a good or service doesn't change because of the demand.
What is inelastic supply?
Money that is free to spend and not locked into investments or goods/services
What is liquidity
It's not a checking account, but you put your money in the bank in order to save it for a rainy day.
What is a savings account?
When one company dominates an entire industry.
What is a monopoly?
The organisation that decides what the baseline interest rate for loans is
What is the Reserve Bank
Products that go together like salt and pepper.
What are complements?