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Economics Vocab
Economics Vocab
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Vocabulary of Economics.
Flashcards
36 cards
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Questions
36
Answers
1
In economics, "capital" means...
Money, property,or goods that are owned or used in business.
Where the government decides how taxes should be spent.
Money, property, or goods paid to the government.
Where the government makes decisions.
2
A deficit is when...
More of something is available than what is wanted/needed.
Less of something is available than what is wanted/needed.
3
Export
Goods that are shipped around the country.
Goods that are bought from inside the same country.
Goods that are sold to outside countries.
Goods that are bought from outside countries.
4
Depreciation
When the price of goods goes up.
When something you own is worth more money as time goes by.
When the price of goods go down.
When something you own is worth less money as time goes by.
5
Interest
When money is borrowed and will be paid back with interest.
To get a loan for a large purchase (like a car or house).
Money available to a person or company.
Money paid for a loan in addition to the amount borrowed.
6
Boom and Bust
Cycle of foreign trade going up and down.
Cycle of stock market prices going up and down.
Cycle of the stock markets going up and down.
Cycle of economic activity going up and down.
7
Tariff
Things needed for a country or city to run.
A tax on imports/exports.
A tax you pay depending on how much money you make.
Money paid to the government to help them pay for things.
8
A depression is a period of...
Very low economic activity. Unemployment rates are low.
Very low economic activity. Unemployment rates are high.
Very high economic activity. Unemployment rates are low.
Very high economic activity. Unemployment rates are high.
9
Surplus is when...
More of something is available than what is wanted/needed.
Less of something is available than what is wanted/needed.
10
Goods are...
Rewards.
Food that can be bought or sold.
Clothing that can be bought or sold.
Merchandise that can be bought or sold.
11
Shares are...
Parts of a company that are used towards paying taxes.
Parts of a company divided among CEOs.
Parts of a company sold to individuals.
Taxes paid to help the poor.
12
Monetary is...
Anything to do capitalism.
Anything to do with money.
Anything to do with the Stock Market.
Anything to do with the recession.
13
Manufacture
Raising livestock.
Farming plants.
To make or build something.
Farming goods (both plants and animals).
14
Loan
When money is borrowed and will be paid back with interest.
Money paid for a loan in addition to the amount borrowed.
To get a loan for a large purchase (like a car or house).
Money available to a person or company.
15
Demand
How much a good or service costs.
How much people will pay for a good or service
How much of a good or service is available.
How much a good or service is wanted.
16
Debt
When you spend more money than you make.
When you spend lots of money.
When you make lots of money.
When you make more money than you spend.
17
Monopoly
When one person owns everything.
Communism.
When one company own all the goods and services in a market.
When a few companies own all the goods/services in a market.
18
Stock Market
The buying and selling of shares.
The buying and selling of goods.
The buying and selling of capital.
The cycle of economic activity going up and down.
19
Supply
How much a good or service costs.
How much of a good or service is available.
How much people will pay for a good or service
How much a good or service is wanted.
20
Tax
A tax on imports/exports.
Money paid to the government to help them pay for things.
A tax you pay depending on how much money you make.
Things needed for a country or city to run.
21
Finance
Money paid for a loan in addition to the amount borrowed.
To get a loan for a large purchase (like a car or house).
When money is borrowed and will be paid back with interest.
Money available to a person or company.
22
Physical capital is...
Equipment or resources owned or used in a business.
The money you make in your business.
Human workers who help a business run.
Human workers that work with money.
23
Barter
To pay for a good or service with financing.
To pay for a good or service with volunteer work.
To pay for a good or service with a skill or another good.
To pay for a good or service with money.
24
Appreciation
When something you own is worth less money as time goes by.
When the price of goods goes up.
When the price of goods go down.
When something you own is worth more money as time goes by.
25
Income Tax
Things needed for a country or city to run.
A tax on imports/exports.
Money paid to the government to help them pay for things.
A tax you pay depending on how much money you make.
26
Infrastructure
Things needed for a country or city to run.
A tax you pay depending on how much money you make.
Money paid to the government to help them pay for things.
A tax on imports/exports.
27
Bank
A place to borrow money.
A place where people can store or borrow money.
A place to store your money.
A place to store goods.
28
Deflation
When the price of goods go down because less $ is available.
When the price of goods go down and more money is available.
When the price of goods go down.
When the price of goods go up because more $ is available.
29
Agriculture
Raising livestock.
To make or build something.
Farming goods (both plants and animals).
Farming plants.
30
Human capital is...
The money you make in your business.
Human workers who help a business run.
Human workers that work with money.
Equipment or resources owned or used in a business.
31
Capitalism is a system in which...
Trade is controlled by state-sponsored businesses.
Trade cannot be regulated by federal or state rules.
Trade is controlled by fedrally-funded businesses.
Trade is controlled by people, not by federal businesses.
32
Profit
When you spend more money than you make.
When you make lots of money.
When you make more money than you spend.
When you spend lots of money.
33
Import
Goods that are bought from inside the same country.
Goods that are sold to outside countries.
Goods that are shipped around the country.
Goods that are bought from outside countries.
34
A commodity is...
The amount of goods a business has in stock.
Useful things that have worth, like goods, skills, or time.
The amount of goods a business can order in one day.
Useful things that can be used in trading.
35
A recession is a period of...
High economic activity. Unemployment rates are up.
Very low economic activity. Worse than a recession.
Low economic activity. Unemployment rates are down.
Low economic activity. Unemployment rates are up.
36
Inflation
When the prices of gods go down.
When the average paycheck goes down.
When the prices of goods go up.
When the average pay goes up.
