Economics
• Social Science • Choice about using
resources and spending money
Consumer
• Person who buys goods and services
• Examples: Food, services, clothing
Producer
• One who makes and manufactures goods to sell
Advertisement
• Public Notice• Goods and Services are
for sale• Usually a persuasive
message
Money
• Any material recognized as a medium of exchange
Currency
• Money Issued by the government
Price
• Value of a good or service
Supply
• Quantity of a good or service available for a particular price at a given time
Demand
• Ability and willingness of consumers to buy a good or service at a given price at a certain time.
The Four Factors of Production
Land
• Natural Resources needed to carry on the process of production
Labor
• Mental and physical human labor
• Process of Production
Capital
• Money, Equipment, and buildings needed to turn raw materials and labor into finished products.
Business
• Buying or selling of goods
• Store or factory
Fiscal Year
• Business year• July 1-June 30
Investment
• Put money to use• Purpose is to make a
profit
Stock
• Certificate of investment
• Part ownership in a company
• Number of shares
Recession
• Slowing of business activity
Depression
• Little or no economic growth
Barter
• System of trading one good for another good or service
• No Money would be used.
Taxes
• Money Paid by the people for support of the government
Strike
• Stop work at a company until demands are met
Checking Account
• Demand Deposit• Withdraw using check or check card (debit
card)
Savings Account
• Time Deposit• Deposit money into bank for use in exchange
you interest
Interest
• Money paid for use of capital