Vocabulary
Money Questions
Economic Situations
Economic Jargon
Vocabulary
100
This is a person or business who makes a good or service to sell to others
What is producer
100
A service the government provides to its citizens to improve their lives.
What is a public service
100
In a command economy, this (or they) make all the decisions:
What is the government
100
Supply is high, demand is low, price is this
What is low
100
Something you might like to have, but could live without.
What is a want.
200
An idea or device used to convince consumers to buy a product
What is an incentive
200
Another word for trading
What is barter
200
You have $15 to spend in a store. You can't decide between a history book or a video game. You choose the history book. The video game is this.
What is the opportunity cost.
200
Supply is low, demand is high, price is
What is high
200
How much you have of something
What is supply
300
The difference between the amount a company's total expenses and total sales
What is profit.
300
When the usual price of goods and services rise it is called this.
What is inflation
300
If there is a lot of Christmas decorations on January 3rd, this will happen to the price.
What is it will be lower.
300
This is the product that you didn't purchase
What is opportunity cost
300
How badly people want your product or service
What is demand.
400
Something that might encourage you to purchase a product?
What is an incentive?
400
A person who runs or owns a business
What is an entrepreneur.
400
The bank does this so it can lend people money
What is pay interest on bank accounts so people will be encouraged to put their money in a bank account. The bank will use this money to make loans to people who want to borrow money
400
The definition of economics
What is how people in a society get what they need and want.
400
An economy where the government makes all or most of the decisions
What is a command economy.
500
Something that you must have to live.
What is a need?
500
This happens to the price of a product when the cost of expenses increase
What is price increase
500
These are places local businesses might want to advertise
What is the newspaper, local magazines, social media
500
What would happen if Sony didn't make enough PS5s in time for Christmas?
What is the price would be high
500
An economy where business owners and private citizens decide what goods and services will be created and what the price will be
What is free market economy.
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