Economics and Financial Literacy
debit card
A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder
consumer
A person who purchases goods and services for personal use
producer
A person, company, or country that makes, grows, or supplies goods or commodities for sale
budget
A plan for making and spending money
scarcity
A small and inadequate amount
economy
A system in which people make, exchange and use things that have value.
services
Actions or activities that one person performs for another
credit
An arrangement to receive cash, goods, or services now and pay for them in the future.
capital
An economic system based on private property and free enterprise.
market
An economy in which decisions about production and consumption are made by individual producers and consumers.
needs
Basic requirements for human survival; like food, clothing, and shelter
demand
Consumer willingness and ability to buy products
free enterprise
Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
business
Economy goes through ups and downs as a natural cycle
deposit
Funds placed into an account at a depository institution to increase the credit balance of the account.
capital resources
Goods (like machines, tools, and buildings) and money used in the production of goods and services
wants
Goods that are purchased to add comfort or pleasure to life
supply
How much of a good or service a producer is willing and able to produce at different prices.
labor
Human effort directed toward producing goods and services; work
goods
Items purchased to satisfy needs and wants
profit
Make money, more than what you spend to make the product.
opportunity cost
Making a choice to give up one thing in order to get something else.
natural resources
Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain
income
Money earned from investments and employment.
withdrawal
Money taken out of a bank account
human resources
People who work to produce goods and services
production resources
People, materials, and natural resources used to make products and offer services to people. These resources are known as the "factors of production."
economics
Study of how societies decide what to produce, how to produce it, and how to distribute what they produce
account
a fund that a customer has entrusted to a bank and from which they can make withdrawals
check
a piece of paper that tells a bank to pay the holder a certain amount of money
balance
equality between the totals of the two sides of an account; an amount in excess especially on the credit side of an account.
competition
the businesses that provide a good or service that is SIMILAR to another business. Businesses that COMPETE to gain consumers and sales.
