Economics Terms – B – Flashcards

A card like visa or MasterCard,that lets one make purchases or obtain cash advances and replay the cost of those purchases plus interest (in most instances) over time

The direct exchange of goods and services between people without use of money

Anything that is helpful or advantageous

The use of money- 1.a medium of exchange to buy goods or services 2.a measure of value to determine how much a good or service is worth,usually measured in dollars; 3.a store of value - a convenient way to store.

A plan for the use of time, money or resources

A basic economic unit

To receive advantages or good things as a direct result of employment

To use money belonging to another person or financial institution, usually by agreeing to pay interest for the use of money

an economic system in which most goods and services are exchanged through private transactions by private household and bussinesses;buyers and sellers making exchanges in private markets determine prices

see functions of money

the goods that someone wants to sell

facility where coins are produced

the amount of money required to be kept in an amount to avoid paying a service or charge

the lowest legal hourly wage

the means of communication such as radio,TV or newspapers that reach large numbers or people (plural form; singular form is medium)

a specified category of potential buyers;any setting where buyers and sellers exchange goods,services,recources and currencies

a medium of exchange; a good that can be used to but other goods and services or to pay debts

the dollar amount of income; see real insome

the yearly (annual) decline in the value of something

a loan secured by real estate (land or buildings)

An employee of a bank or savings and loan whose job it is to take deposits of bank clients or to pay out when the clients makes a withudrawal from his account

A deposit into a savings account

Small gifts of money given in return for a service;originally, an acronym for"To Insure Promptness"

The legal ownership of an asset

The purchase, sale or exchange of goods and services;see barter and exchange

Giving up one thing for another

Payments to a person that are not payments for the use of a resource in productionE EXAMPLE: social security, welfare payments

The act of moving goods and services from one geographical location to another

A federal law

unprocessed natural products used in the production of final goods and services;EXAMPLE: iron ore is one of the raw material used to make automobiles

purchasing power of money income;the quanity of goods and services that can be bought with money income;see money income Note: If one's money income doubles and the prices double at the same time, real income has not changed

buying power

see definition for real income

a tax that falls more heavily on people with low income. Example: people with low incomes pay a high percentage of that income in sales tax than do those with high incomes.

natural resources that are not used up in consumption(solar energy,wind or wave power) or that reproduce themselves, wholly or in part(timber)

similar to a bank ,but has as its primary function storing money in savings accounts and lending money for the purcase of homes.

the ratio of output (goods and sevices)produce per unit of input (productive reaources)over a period of time.

the diffrence between the total revenue and total cost of a business;see loss.

a tax that increases with the income of the taxpayer.

taxes paid by households and businesses to local goverment on land and building.