Presentation Transcript

1. Economics Social Science Choice about using resources and spending money
2. Consumer Person who buys goods and services Examples: Food, services, clothing
3. Producer One who makes and manufactures goods to sell
4. Advertisement Public Notice Goods and Services are for sale Usually a persuasive message
5. Money Any material recognized as a medium of exchange
6. Currency Money Issued by the government
7. Inflation Rise in the usual price level for goods and services
8. Price Value of a good or service
9. Supply Quantity of a good or service available for a particular price at a given time
10. Demand Ability and willingness of consumers to buy a good or service at a given price at a certain time.
11. The Four Factors of Production
12. Land Natural Resources needed to carry on the process of production
13. Labor Mental and physical human labor Process of Production
14. Capital Money, Equipment, and buildings needed to turn raw materials and labor into finished products.
15. Management Person or people responsible for the factors of production
16. Business Buying or selling of goods Store or factory
17. Fiscal Year Business year July 1-June 30
18. Corporation Business organization Owned and operated by a group of people
19. Investment Put money to use Purpose is to make a profit
20. Stock Certificate of investment Part ownership in a company Number of shares
21. Recession Slowing of business activity
22. Depression Little or no economic growth
23. Barter System of trading one good for another good or service No Money would be used.
24. Taxes Money Paid by the people for support of the government
25. Monopoly Exclusive control of manufactured goods or services.
26. Strike Stop work at a company until demands are met
27. Checking Account Demand Deposit Withdraw using check or check card (debit card)
28. Savings Account Time Deposit Deposit money into bank for use in exchange you interest
29. Interest Money paid for use of capital