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Robbins
Monday, 2 May 2005

These are Vocabulary terms that will be used in our Economics unit. You need to be very familiar with each one. We will have a Vocbulary test on these on Thursday. Make sure to bring your economic packets each day to class

Economics Unit
Vocabulary terms
ƒU Budget !V a plan to organize and match income and expenses
ƒU Salary !V a regular income paid for work over a set time period
ƒU Savings !V the part of income held back from consumption
ƒU Debt !V money that is owed to another person or company for products or services

ƒU Commercial bank- a bank owned by private citizens
ƒU Consumer- someone who buys goods and services
ƒU Consumer good !V a product that is useful to consumers
ƒU Consumption !V the use of goods and services by consumers
ƒU Contract !V a legal agreement between two or more people or firms

ƒU Credit !V an arrangement to pay in the future for goods, services, or money received
ƒU Creditor !V someone who is owed money
ƒU Currency !V money made of paper
ƒU Economics !V a science that explains how societies allocate scarce resources
ƒU Economy !V the system used in a nation for making decisions on what, how, and for whom to produce

ƒU Employee !V a person who works for someone else
ƒU Financing !V obtaining or providing the money to operate a business or buy something
ƒU Household !V a small group of people who make their earning and spending decisions together
ƒU Income !V the total value of earnings that a household receives from the sales of its resources


ƒU Installment loan !V Money that is to be repaid in regular payments over a period of time
ƒU Landlord !V someone who owns rental property
ƒU Lease !V a contract that specifies the rights and obligations of renters and landlords
ƒU Money !V anything that people are willing to accept as payment for things they sell or work they do


ƒU Mortgage !V a legal contract or deed that pledges the property as security against the loan
ƒU Need !V a good or service that people must have to continue living
ƒU Rent !V money received for the use of land or a building
ƒU Supply-the quantity of a good or service that firms will provide at a given price

ƒU Tenant- someone who rents a house or an apartment
ƒU Wage !V compensation that depends on the amount of time worked
ƒU Want-a good or service that people desire but could live without









Posted by 7thghms at 3:31 PM CDT
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