Circular flow
What type of resource occurs commonly in and on the earth and is used to produce goods and services
what is Natural resources
A bank account is the record a bank keeps to know the amount of _______ someone has given them to hold.
money
Using money to pay for goods and services is called _______
spending
A banking _______ is a geographic area without banks.
desert
People who buy goods and services to satisfy their wants are _______
consumers
What type of resource includes people who do mental and/or physical work to produce goods and services?
Human resources
_______ is the money paid to customers for keeping their money at a bank
interest
_______ is putting money away for later use.
saving
In a banking desert, people may not use banks because of issues with _______
transportation
Where do banks get the money to pay interest to savers?
From the interest they charge borrowers
What type of resource includes goods that are made by people and used to produce other goods and services?
Capital resources
Interest is what the bank charges customers when they _______ money.
borrow
When a bank lends money to people who want to borrow, the transaction is called a _______
loan
In addition to charging borrowers interest, banks also earn money by charging _______ for various services
fees
A _______ is an organization that produces the goods and services that are sold to consumers in the market
business
made by people and used to produce other goods and services
Intermediate goods
Putting money into a bank account is called a _______
deposit
Borrowers have an obligation to repay the amount of a loan plus ______
interest
true or false, Fees that banks charge include minimum balance fees, monthly maintenance fees, ATM fees, and teller fees.
true
Businesses try to sell their goods and services so that they have _______ to pay for the resources they use to produce goods and services
money
When a business pays people for resources, this payment represents _______ for the people.
income
taking money out of a bank account is called a _______
withdrawal
The interest rate for bank loans is greater than the interest rate for savings accounts because banks want to _______.
earn a profit
10 miles
When borrowers spend money on goods and services in their community, they create _______ and ________ in that community.
jobs and income