| Agriculture |
Farming |
| Bonds |
A certificate
of debt issued by a government or corporation guaranteeing payment of
the original investment plus interest by a specified future date. |
| Capitalism |
Economic system
in which property is privately owned and goods are privately produced.It
is sometimes referred to as the private enterprise system. |
| Commerce |
Trade between
states or nations. |
| Competition |
Rivalry among
individuals in order to acquire more of something that is scarce. |
| Consumer |
A
person who buys economic goods and services |
| Credit |
The giving
of goods and services in return for the promise of payment at a future
time. The payment usually has interest attached. |
| Currency |
Paper money
issued by the government. |
| Deposit |
To put money
in a bank or other financial institution. |
| Depression |
A time of economic
crisis or bad times in commerce, finance, and industry, characterized
by falling prices, restriction of credit, low output and investment, many
bankruptcies, and a high level of unemployment (many people without jobs).
A less severe crisis is usually known as a recession |
| Distribution |
The supplying
of goods and services to retailers and others so that people's needs can
be met. |
| Dividend |
Profits of
a firm that are distributed or given out to its investors (stockholders). |
| Economics |
The study of
choice and decision-making in a world with limited resources. |
| Export |
To send and/or
sell goods and services outside of one's country. |
| Goods |
Anything that
anyone wants. All options or alternatives are goods. |
| Import |
To bring in
and/or buy goods and services from another country. |
| Income |
The amount
of money one earns. This can be through one's job or through investments,
etc.. |
| Industry |
The manufacturing
(making) and selling of a particular type of good or service - for example
the auto industry. |
| Inflation |
Increase in
the overall level of prices over an extended period of time. |
| Interdependent |
People and/or
businesses depending on or helping each other. |
| Invest |
To commit (money
or capital) in order to gain a financial return - to put one's money into
a business or project to make more money. |
| Macroeconomics |
The study of
the sum total of economic activity, dealing with the issues of growth,
inflation0 and unemployment and with national economic policies relating
to these issues. |
| Manufacture |
To make or
process (a raw material) into a finished product, especially by means
of a large-scale industrial operation. |
| Market |
A network in
which buyers and sellers interact to exchange goods and services for money. |
| Mercentilism |
Economic
system of the major trading nations during the 16th, 17th, and 18th cent.,
based on the premise that national wealth and power were best served by
increasing exports and collecting precious metals in return. |
| Microeconomics |
The study of
the individual parts of the economy, the household and the firm, how prices
are determined and how prices determine the production, distribution and
use of goods and services. |
| Minimum Wage |
A wage below
which employers may not legally pay employees for specific kinds of employment. |
| Money |
The accepted
common medium of exchange for goods and services in the marketplace that
functions as the unit of account, a means of deferred payment and a store
of value. |
| Monopoly |
A market with
only one supplier. |
| NASDAQ |
National Association
of Securities Dealers Automated Quotation System - The stock exchange
that is concerned heavily with technology stocks. |
| Need |
A specific
quantity of a specific good for which an individual would pay any price.
These are the goods and services a person must have. |
| Price |
The amount
of money, or other goods, that you have to give up to buy a good or service. |
| Product |
Something produced
or made by human or mechanical effort or by a natural process. In business,
products are things or items to be bought and/or sold. |
| Profit |
The excess
of income over all costs, including the interest cost of the wealth invested.
This means making money after one has paid all the expenses in a business. |
| Recession |
A time of less
business activity, usually lasting at least three quarters of the year
or nine months. |
| Resource |
An available
supply of something that can be used. There are natural resources, human
resources, etc.. |
| Scarcity |
Insufficient
supply or amount of something needed, a shortage or goods or services
that are needed. |
| Services |
The performance
of any duties or work for another; helpful or professional activity |
| Socialism |
The view that
the government should own and control major industries |
| Stock |
A certificate
establishing ownership of a stated number of shares in a corporation's
stock. If one owns stock, one owns a part of a company. |
| Supply and
Demand |
Supply is the
amount of goods available at a given price at any time. Demand is how
many consumers desire the goods that are in supply. |
| Surplus |
A term used
when the quantity of a good supplied exceeds the quantity demanded at
the existing price. |
| Tariff |
A tax on imports. |
| Tax |
A contribution
for the support of a government required of persons, groups, or businesses.
There are many different kinds of taxes including income, sales, state.
local, federal taxes. |
| Trade |
The business
of buying and selling goods and services. |
| Union |
Often referred
to as a labor union. Groups of workers that come together to work for
better wages and better working conditions for its members. |
| Wages |
The payment
for work or services to workers - the money people are paid at their jobs.
|
| Wall Street |
The controlling
financial interests of the United States. Wall Street itself is located
in New York City. |
