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23 Cards in this Set

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  • Back
recession
situation that occurs when there is too little money in the economy
denomination
amount printed on money
scarce
oppisite of plentiful
loan
money borrowed temporarily that must be paid back, usually plus interest
surplus
over-supply
supply
the number of items available for use
inflation
situation that occurs when there is too much money in the economy
economics
the study of money
bank
place to save and borrow money
nonrenewable
not replaceable
good
any item that can be bought or sold
consumer
buyer
service
any action that one person or group does for another in exchange for payment
Federal Reserve
the main bank of the United States
producer
maker of goods or services
interdependence
the way production and consumption of goods and services are divided among many different people and groups
depression
a severe recession
consumption
the way we use goods and services
interest
fee paid by the borrower of money and the fee paid to the saver of money
mint
to make coins
demand
the number of people who want to buy a good or service
renewable
replaceable
resource
anything used to produce a good or service that will satisfy our wants and desires