Economic Vocabulary Words (Chapters 1-9)

Front 1

labor

Back 1

The effort that people devote to a task for which they are paid.

Front 2

want

Back 2

An item that we desire but that is not an essential to survival.

Front 3

need

Back 3

Something like air, food, or shelter that is neccessary for survival.

Front 4

trade-off

Back 4

An alternative we sacrifice when we make a decision.

Front 5

capital

Back 5

Any human-made resource that is used to create other goods and services.

Front 6

scarcity

Back 6

Limited quantites of resources to meet unlimited wants.

Front 7

private property

Back 7

Property owned by individuals or companies, not by the government or the people as a whole.

Front 8

competition

Back 8

The struggle among producers for the dollars of consumers; the rivalry among sellers to attract customers while lowering costs.

Front 9

demand

Back 9

The desire to own something and the ability to pay for it.

Front 10

supply

Back 10

The amount of goods available.

Front 11

monopoly

Back 11

A market dominated by a single seller.

Front 12

bond

Back 12

a formal contract to repay borrowed money with interest at fixed intervals.

Front 13

assets

Back 13

Money and other variables belonging to an individual or business.

Front 14

bank

Back 14

an institution for receiving, lending, exchanging, and safeguarding money

Front 15

credit

Back 15

the practice of permitting a buyer to receive goods or services before payment

Front 16

debt

Back 16

money that is owed for items or services already received

Front 17

economy

Back 17

the management of the resources of a country, especially with a view to its productivity.

Front 18

depression

Back 18

economic crisis with massive unemployment

Front 19

recession

Back 19

period of a poor economy, sometimes limited in scope or duration

Front 20

mortgage

Back 20

an agreement under which a person borrows money to buy property, esp a house, and the lender may take possession of the property if the borrower fails to repay the money

Front 21

interest

Back 21

a charge for borrowed money generally a percentage of the amount borrowed

a payment for money deposited in a bank or credit union

Front 22

loan

Back 22

money lent at interest

Front 23

stock

Back 23

the ownership element in a corporation usually divided into shares and represented by transferable certificates

Front 24

credit union

Back 24

a cooperative association that makes small loans to its members at low interest rates and offers other banking services (as savings and checking accounts)