Money
Name two forms of money
change, paper bills
What is the term for someone who buys goods and services?
Buyer/Consumer
The amount of product available to purchase
Supply
The ability to borrow money from the bank
credit
Mary goes to the doctor for a check up. Does the doctor provide a good or service?
service
What is value?
The monetary worth of something.
ex: a quarter is worth 25 cents
Anything used to produce goods is a "_______"
resource
If an item is in high "_______" it is sold out.
Demand
To give money to a bank is called a...
deposit
Cristina does not have enough money to buy a car. What would she go to the bank for?
A loan.
Name the term for when you use money
Spending
Compare need vs. want.
Needs are for survival and wants are unnecessary things we want to have
What are the two things we use our money to buy?
Goods and services
A "_______" account is used primarily to take money out of an account
Checking
The oranges are exported and the bananas are imported.
A country's system of money is...
currency
Buying and selling goods is called what?
Commerce
What is the term for exchanging goods of equal value?
Bartering/trading
What is interest?
a fee paid for borrowing money or other assets
Jennifer lent Mary $25. Mary paid her back $15. Mary is $10 in "_______" to Jennifer.
debt
When "_____" rises, the value of money decreases.
inflation
An "_______" is a system for distributing resources to meet people's needs and wants
economy
When you choose to buy candy instead of ice cream this is an example of "e______ c_______"
economic choice
When a bank takes away your house due to missed payments it is called what?
Foreclosure
Mary has $7.12. Jennifer has $40.00. Cristina has $11.37. Do they have enough to pay off a debt of $60.00?
No. They still owe $1.51.