Money & Prices
The value of money you receive from working a job.
What is income?
How much of a product people want to buy.
What is demand?
People who do not have jobs but are actively looking for work.
Who are the unemployed?
Money the government uses to pay for services like healthcare and education.
What is government spending?
Goods made in one country and sold in another.
What are exports?
The amount of money something costs.
What is price?
How much of a product businesses are willing to sell.
What is supply?
People who are working for pay.
What is the labour force?
When the government collects more money than it spends.
What is a budget surplus?
Goods bought from another country.
What are imports?
When prices rise over time and your money buys less than before.
What is inflation?
When demand is higher than supply, prices usually do this.
What is increase?
The percentage of people without jobs who are looking for work.
What is the unemployment rate?
When the government spends more money than it collects.
What is a budget deficit?
A tax placed on imported goods to protect local businesses.
What is a tariff?
Extra money added to the price of a good by the government.
What is a tax?
When stores have too much of a product, prices usually do this.
What is decrease?
A period when the economy slows and businesses may lay off workers.
What is a recession?
Government actions meant to improve the economy, such as changing taxes or spending.
What is economic policy?
When a country exports more than it imports.
What is a trade surplus?
When the value of money decreases, causing everyday items to become more expensive.
What is inflation?
The point where supply and demand are balanced.
What is equilibrium?
When businesses produce more goods and services and hire more workers.
What is economic growth?
A government payment to individuals meant to help with income or living costs.
What is a transfer payment?
The difference between what a country exports and imports.
What is the trade balance?