econ 2

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Author:
Ovandusen
ID:
301147
Filename:
econ 2
Updated:
2015-04-20 10:27:01
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Economics
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Description:
Econ Quiz Bowl
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  1. a business that provides money services, such as cashing checks, making loans, and paying interest on accounts.
    Bank
  2. a record of money deposited or withdrawn from a bank
    account
  3. money put into a bank account
    withdrawal
  4. payments made for the use of money
    Interest
  5. something that influences the behavior of people
    Incentive
  6. people who buy and/or use goods and services to satisfy wants
    Consumers
  7. people who use resources to make goods and services
    Producers
  8. an occupation by which a person earns a living
    employment
  9. when people produce only some of the goods and services they consume, then trade with others to get more of the things they want
    Specialization
  10. when workers perform part of a production task
    Division of Labor
  11. the study of the production, consumption and distribution of goods and services
    Economics
  12. certain goods and services provided by the government that people share
    Public Goods
  13. a places where buyers and sellers exchange goods and services for money
    Markets
  14. when you choose to get less of one thing in order to get more of something else
    Trade-offs
  15. the bad and good points related to making a decision
    Costs/Benefits
  16. someone who takes the risk of producing a product or starting a new business
    Entrepreneur
  17. the income a business makes after it pays its production costs
    Profit
  18. the money a business loses after it pays its production costs
    Loss
  19. the goods and services that consumers in one nation buy from sellers in other nations
    Imports
  20. the goods and services that producers in one nation sell to buyers in other nations
    Export
  21. when people and nations depend on one another for the goods and services they want
    Independent
  22. a plan showing how income is to be spent
    Budget
  23. promise of payment at a future time in return for goods/services now
    Credit
  24. money owed on an account
    Debit
  25. to use money to gain a profit
    Invest
  26. required payments of money made to government by people and businesses that are used to provide goods and services
    Taxes
  27. the central banking organization in the United States
    Federal Reserve Bank
  28. the amounts that producers are able and willing to sell at all possible prices at a given time
    Supply
  29. the amounts that consumers are able and willing to buy at all possible prices at a given time
    Demand
  30. methods used by businesses to gain more customers and earn higher profits
    Competition
  31. having fewer goods, services or resources available at a particular price than people want
    Shortage
  32. having more goods, services or resources available at a particular price than people want
    Surplus
  33. the management of money
    Finance
  34. a model of an economy showing the interactions between households and businesses as they exchange goods, services and resources in markets
    Circular Flow
  35. ratio at which a unit of currency of one country can be exchanged for that of another country
    Exchange rate
  36. a level of material comfort in everyday life that is measured by the goods and services available to an individual, group, or nation
    Standard of Living
  37. the way a society organizes the production, consumption and distribution of goods and services
    Economic System

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