the cost of credit; charges connected with credit

the way a society organizes the production,consumption and distribution

AVERAGE PER-FAMILY INCOME

average earnings of families in a specific market area

the study of how people make choices about the best use of scarce resources

a sum or percentage paid to an agent for his or her services

a written order to a bank to pay a certain amount of money

a plan for the use of time, money, or resources

those resources that are in relatively large supply

income that is not committed to a particular use, income received by households after taxes and other deductions

goods with a long, useful life, usually defined as a minimum of 3 years

trading a good or service for another good or service, may be accomplished with or without money

a person who buys goods and/or services

the quantities of a good, a schedule of how much consumers are willing and able to buy, usually expressed as a table called a demand schedule

deducting the cost of the purchase directly from your bank account, a purchase card that pays for a purchase

the efforts of two or more businesses to secure the consumer's business, techniques used by businesses to gain more customers

the full price one pays for a good or service if one buys it on credit, equal to the cash price plus interest

federal law that provides for deductions to be taken from the wages, Federal Insurance Contributions Act

added to pay for the use of the money, the promise to pay, usually with some additional amount of money, obtaining money, goods or services with a nominal initial payment

a borrower's worthiness based on the borrower's resources and character

the federal government agency charged with maintaining competition, Federal Trade Commission

productive acts of labor that satisfy consumer wants

a card issued by a business, bank/ financial institution, allows one to have credit with that business

the maximum amount that a borrower can borrow on a loan or credit card

one who is involved in the process of distribution of goods and services

an organization that produces goods/services, a basic economic unit

a professional who manages the tasks of the business

what someone must make when faced with two or more alternatives, also called an economic choice

FINAL GOODS AND SERVICES

goods and services sold to persons who will consume them

a deposit in a financial institution account, component (part) of the money supply

AVERAGE PER-CAPITA INCOME

average earnings of persons in a specific market area

anything that is helpful or advantageous

to buy and/or use goods and/or services

One of the factors of production, A man-made resource used in the production of goods and services, durable goods used to produce final goods and services

tangible objects that satisfy consumer wants and/or needs

interest paid to a business when you purchase goods or services on credit, also called interest or finance charge

selling our country's products to other nations

the value of which is guaranteed by the US government, paper currency distributed by the Federal Reserve Bank of the United States

the amount of money one has in a bank account

no barriers to entry and a homogeneous product, a market in which there are many buyers and sellers

goods made by people and used to produce other goods and services

market price at which the quantity demanded equals the quantity supplied

FACTORS OF PRODUCTION

the four are land, labor, capital & entrepreneurship or managerial ability, resources used by businesses to produce goods and services

equal to the cash price plus interest, the full price one pays for a good or service if one buys it on credit

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

CREDIT REPORTING AGENCY

a company that gathers information about the credithistories

a sudden, urgent, unexpected occurrence requiring immediate activity

standards used in making a decision

informing consumers about a good or service, particularly by praising it

land, labor, capital; also called resources

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A-Team Vocabulary

90 termsStudBud Administration32 plays

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Questions 90

Answers

1
FINANCE CHARGE
the cost of credit; charges connected with credit
the amount of money one has in a bank account
a business that stores money and that exchanges and lends money
cash advances and repay the cost of those purchases plus interest
2
ECONOMIC SYSTEMS
the way a society organizes the production,consumption and distribution
the process whereby workers perform only a single task
Economists usually use this term for “big ticket” items
one who is involved in the process of distribution of goods and services
3
AVERAGE PER-FAMILY INCOME
your hard-earned paycheck
money your mom makes
your allowance
average earnings of families in a specific market area
4
ECONOMICS
a cooperative group that holds savings and makes loans to its members
quantities of a good or service demanded at different prices
a purchase card that pays for a purchase by deducting the cost
the study of how people make choices about the best use of scarce resources
5
COMMISSION
a person
a pet
a sum or percentage paid to an agent for his or her services
the president
6
CHECK
a cryptic symbol
pretend money
like x's and o's
a written order to a bank to pay a certain amount of money
7
BUDGET
coins, currency, or the equivalent
a game
a payment
a plan for the use of time, money, or resources
8
ALTERNATIVES
limitations
to buy and/or use goods and/or services
your twin sister
choices
9
ABUNDANT RESOURCES
A small shrimp
a tiny molecule
people or businesses whose wants are satisfied by using goods and services
those resources that are in relatively large supply
10
DISPOSABLE INCOME
a business that stores money and that exchanges and lends money
income that is not committed to a particular use
the preset amount of credit available on a credit card
income received by households after taxes and other deductions
11
DURABLE GOODS
goods with a long, useful life
usually defined as a minimum of 3 years
one who is involved in the process of distribution of goods
income that is not committed to a particular use
12
EXCHANGE
a company that gathers information about the credithistories
trading a good or service for another good or service
a cooperative group that holds savings and makes loans
may be accomplished with or without money
13
CUSTOMER
an economic system based on private ownership of property
a person who buys goods and/or services
interest paid to a business when the firm allows one topurchase goods
The CASH PRICE is the full price one pays for a good or service
14
DEMAND
the quantities of a good
the total price of the product or service plus the financecharge
a schedule of how much consumers are willing and able to buy
usually expressed as a table called a demand schedule
15
DEBIT CARD
typically at an interest rate lower than the market rate
deducting the cost of the purchase directly from your bank account
standards used in making a decision
a purchase card that pays for a purchase
16
COMPETITION
the efforts of two or more businesses to secure the consumer's business
only sports
techniques used by businesses to gain more customers
forfeit
17
CREDIT PRICE
the full price one pays for a good or service if one buys it on credit
productive acts of labor that do not result in tangibleproducts
all resources used in producing goods and services
equal to the cash price plus interest
18
FICA
federal law that provides for deductions to be taken from the wages
trading a good or service for another good or service or for money
Federal Insurance Contributions Act
selling our country's products to other nations
19
CREDIT
added to pay for the use of the money
the promise to pay, usually with some additional amount of money
obtaining money, goods or services with a nominal initial payment
loss of money
20
CREDIT RATING
a borrower's worthiness based on the borrower's resources and character
those who buy and make final use of goods and services
a card issued that allows one to have credit with
value of goods/services that are given up in order to purchase or produce
21
FTC
something that can produce heat, light and/or motion
the federal government agency charged with maintaining competition
one who organizes and manages resources
Federal Trade Commission
22
CONSUMER SERVICES
products
goods
an economic system based on private ownership of property
productive acts of labor that satisfy consumer wants
23
CREDIT CARD
paper money
a card issued by a business, bank/ financial institution
allows one to have credit with that business
coins
24
CREDIT LIMIT
obtaining money, goods/services with a nominal initial payment
a business that operates as a legal entity separate from its owners
the price of a good or service
the maximum amount that a borrower can borrow on a loan or credit card
25
DISTRIBUTOR
the total price of the product or service plus the financecharge
one who is involved in the process of distribution of goods and services
one point on that curve and is associated with a particular price
the act of putting money into an account in bank
26
BUSINESS
an organization that produces goods/services
a basic economic unit
a dog house
a type of car
27
BUSINESS PLANNER
a wedding planner
a DJ
a professional who manages the tasks of the business
a turtle
28
CHOICE
what someone must make when faced with two or more alternatives
an easy decision
your friend
also called an economic choice
29
FINAL GOODS AND SERVICES
average earnings of persons in a specific market area
Automatic Teller Machine
goods and services sold to persons who will consume them
the preset amount of credit available on a credit card
30
DEMAND DEPOSIT
a model of an economy showing the interactionsbetween households/business
a deposit in a financial institution account
component (part) of the money supply
a bank/credit union that is available on demand
31
AVERAGE PER-CAPITA INCOME
your first job's paycheck
to examine for similarities and differences
the cost of your house
average earnings of persons in a specific market area
32
BENEFIT
a sunk cost
a name for your uncle
anything that is helpful or advantageous
a bad day
33
CONSUME
making a mess
to buy and/or use goods and/or services
saving all your money
recycling
34
CAPITAL
One of the factors of production
A man-made resource used in the production of goods and services
only ever a building
durable goods used to produce final goods and services
35
CONSUMER GOODS
tangible objects that satisfy consumer wants and/or needs
when you are tired
anything that is helpful or advantageous
empty boxes
36
CARRYING CHARGE
gardening
interest paid to a business when you purchase goods or services on credit
a charging station
also called interest or finance charge
37
EXPORT
the federal government agency charged with maintaining competition
selling our country's products to other nations
a bank for a service such as writing a check or using an ATM
goods and services sold to persons who will consume them
38
FEDERAL RESERVE NOTE
the price at which the quantity demanded equals the quantity supplied
assuming the risks of owning your own business
the value of which is guaranteed by the US government
paper currency distributed by the Federal Reserve Bank of the United States
39
BALANCE
how you should ride your bike
the amount of money one has in a bank account
a sum or percentage paid to an agent for his or her services
eating both fruits and vegetables
40
COMPETITIVE MARKET
no barriers to entry and a homogeneous product
no competition
the direct trade or exchange of goods and services between people
a market in which there are many buyers and sellers
41
CAPITAL RESOURCES
goods made by people and used to produce other goods and services
a finished product
nothing
employees
42
A cost you cannot recover
sunk cost
opportunity cost
productive acts of labor that do not result in tangibleproducts
money
43
EQUILIBRIUM PRICE
the study of how people make choices about the best use of scarce resources
market price at which the quantity demanded equals the quantity supplied
who assumes the risks of a business for the sake of the possible profit
making the best possible use of scarce resources
44
FACTORS OF PRODUCTION
rent to owners of land or capital goods
land, labor, capital; also called resources
the four are land, labor, capital & entrepreneurship or managerial ability
resources used by businesses to produce goods and services
45
CREDIT PRICE
equal to the cash price plus interest
those who buy and make final use of goods and services
to buy and/or use goods and/or services
the full price one pays for a good or service if one buys it on credit
46
BENEFITS
a written order to a bank to pay a certain amount of money
a rock
terrible days
to receive advantages or good things as a direct result of employment
47
CREDIT REPORTING AGENCY
those resources that are in relatively large supply
the location in the bank—name or number—where the client’s money is stored
informing consumers about a good or service, particularly by praising it
a company that gathers information about the credithistories
48
EMERGENCY
Demand is based upon the tastes, expectations and incomes of consumers
Quantity demanded is one point on that curve and is associated with price
the act of putting money into an account in bank or
a sudden, urgent, unexpected occurrence requiring immediate activity
49
CRITERIA
standards used in making a decision
all resources used in producing goods and services
a measure of a borrower's credit worthiness based on the borrower
the maximum amount that a borrower can borrow
50
ADVERTISE
the value of goods and services used to produce an output
informing consumers about a good or service, particularly by praising it
a rare avacado
keeping a secret
51
FACTOR INPUTS
name of the federal law that provides for deductions
land, labor, capital; also called resources
the federal government agency that insures bank depositors' accounts
paper currency; printed and distributed by the Federal Reserve Bank
52
BANK CREDIT CARD
obtain cash advances and repay the cost of those purchases + interest
your piggy bank
that lets one make purchases or obtain cash advances
Monopoly money
53
CO-SIGNER
a backup singer
a small band
a person who shares the responsibility of the loan with the borrower
a stack of paper
54
CREDIT UNION
checking accounts and other services are also available to members
the method which a business lets the consumer know about its good/service
typically at an interest rate lower than the market rate
a cooperative group that holds savings and makes loans to its members
55
DISTRIBUTION
the part of the productive process
the yearly (annual) decline in the value of something
a good is transported to geographical locations
can be used to satisfy the wants and needs of consumers
56
ADVERTISEMENT
The subterranean layer of water
person who shares the responsibility of the loan with the primary borrower
how a business lets the consumer know about its good or service
info about the good or service that the producer or distributor shares
57
COMPARE
random choice
a card, like Visa or MasterCard
like a pear
to examine for similarities and differences
58
DEFAULT
paper bills issued by the government to be used as money
failure to pay a loan when the payment is due
a company that gathers information about the credithistories of consumers
standards used in making a decision
59
BORROW MONEY
when you buy a bike
usually by agreeing to pay interest for the use of the money
to use money belonging to another person or financialinstitution
to return money
60
ADVERTISER
a planter
one who advertises
a specialized farmer
chartered by the state, a business that operates as a legal entity
61
ENTREPRENEUR
for the sake of the possible profit
to produce goods and/or services and whoassumes the risks of a business
one who organizes and manages resources
something that can produce heat, light and/or motion
62
DEFERRED PAYMENT PRICE
added to pay for the use of the money
a cooperative group that holds savings and makes loans to its members
the maximum amount that a borrower can borrow on a particular loan
the total price of the product or service plus the financecharge
63
CIRCULAR FLOW
business firms as they exchange goods and services and resources in markets
a one-way street
a stop sign
a model of an economy showing the interactionsbetween households
64
AVAILABLE CREDIT
a market in which there are many buyers and sellers
the preset amount of credit available on a credit card
a plastic card
what you spent last year
65
COST OF PRODUCTION
all resources used in producing goods and services
the power bill only
cost savings
your total savings
66
DEMOGRAPHICS
the full price one pays for a good or service if one pays with cash
an economic system based on private ownership of property or resources
statistical characteristics of populations
interest paid to a business when the firm allows one topurchase goods
67
ENERGY
something that can produce heat, light and/or motion
the yearly (annual) decline in the value of something
not wasteful, particularly of resources such as money
the study of how people make choices about the best use of scarce resources
68
CORPORATION
a plan for the use of time, money or resources
like constipation only worse
a business that operates as a legal entity separate from its owners
a herd of cattle
69
BARTER
the only way to make money
the direct trade or exchange of goods and services without the use of money
a type of server
similar to butter
70
CAPITALISM
productive resources that owners may use to produce goods
services and receive the profits or losses from this use
system characterized by competition, the profit incentive and free markets
an economic system based on private ownership of property
71
CURRENCY
a component (part) of the money supply
productive acts of labor that do not result in tangibleproducts
those who buy and make final use of goods and services
paper bills issued by the government to be used as money
72
FDIC
the federal government agency that insures bank depositors' accounts
trading a good or service for another good or service or for money
Federal Deposit Insurance Corporation
selling our country's products to other nations
73
DEPOSIT
the sum of money put into a bank
A man-made resource used in the production of goods and services
an organization involved in the buying of and hiring of resources
the act of putting money into an account in bank
74
CASH
an empty piggy bank
credit cards
The CASH PRICE is the full price one pays for a good or service
coins, currency, or the equivalent
75
DEPRECIATION
to use money belonging to another person or financialinstitution
the yearly (annual) decline in the value of something
anything that is helpful or advantageous
the direct trade or exchange of goods and services between people
76
DIVISION OF LABOR
the separation of a productive process
the yearly (annual) decline in the value of something
statistical characteristics of populations such as age
the process whereby workers perform only a single task
77
COMPOUND INTEREST
how much you spend
interest paid upon money deposited in an account
a one-time payment
also on all the interest already earned by the deposit
78
ATM
interest paid upon money deposited in an account
Alligators, Turtles, and Manatees
Also Trouble Makers
Automatic Teller Machine
79
ACCOUNT
An antelope-like creature
The location in the bank—name or number—where the client’s money is stored
the value of goods and services that are given up
The money available to the client of a bank
80
FEE
a sudden, urgent, unexpected occurrence requiring immediate activity
to receive advantages or good things as a direct result of employment
making the best possible use of scarce resources
a charge to the customer by the bank for a service
81
ANNUAL PERCENTAGE RATE the interest rate or the cost of credit for one year (APR)
it stands for alligators, penguins, and reptiles
your marble collectionthe wise use of natural resources
the money you make every other Thursday
the interest rate or the cost of credit for on
82
COIN
one of the components (parts) of the money supply
paper
a piece of metal stamped with a design to be used as money
internet money
83
CHECKING ACCOUNT
a dog house
the owner of the account writes a check that is treated like currency
a bank/credit union that is available on demand
something only grandmas have
84
FACTOR PAYMENTS
resources used by businesses to produce goods and services
and profit to the owners of the business
interest to those who have loaned the money to buy capital goods or land
payments made to the owners of the factors of production
85
BANK
an ice cream flavor
a name for a board game
a piece of metal stamped with a design to be used as money
a business that stores money and that exchanges and lends money
86
CONSUMERS
people who make things
people or businesses whose wants are satisfied by using goods and services
anything that is helpful or advantageous
those who buy and make final use of goods and services
87
COST
total savings
the value of goods and services used to produce an output
the price of a good or service; the money cost
the value of goods and services that are given up in to purchase/produce
88
ECONOMICAL
income that is not committed to a particular use
the yearly (annual) decline in the value of something
not wasteful, particularly of resources such as money
the way a society organizes the production
89
EFFICIENT
the part of the productive process in which a good is transported
the way a society organizes the production
making the best possible use of scarce resources
producing the largest output with the least input
90
CONSERVATION
a place where nuns live
the wise use of natural resources
spending all your money
tangible objects that satisfy consumer wants and/or needs

A-Team Vocabulary Flashcards | StudBud