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Florida E-Team Middle Vocab
Intermediate Economics Vocab.
29
Economics
6th Grade
03/07/2007

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Term
ABUNDANT RESOURCES
Definition
those resources that are in relatively large supply; see scarce resources
Term
ACCOUNT
Definition
1. the money available to the client of a bank;
2. the location in the bank—name or number—where the client’s money is stored
Term
ADVERTISE
Definition
informing consumers about a good or service, particularly by praising it
Term
ADVERTISEMENT
Definition
the method by which a business lets the consumer know about its good or service; provides information about the good or service that the producer or distributor wishes to be known
Term
ALLOCATE
Definition
to use for a particular purpose
Term
ADVERTISER
Definition
one who advertises
Term
ALLOCATION OF RESOURCES
Definition
the distribution of the available factors of production(resources) among the various uses to which they might be put
Term
ALTERNATIVE COST
Definition
see opportunity cost
Term
ALTERNATIVES
Definition
choices
Term
ALLOCATE
Definition
to use for a particular purpose
Term
ALLOCATE
Definition
use for a particular purpose
Term
ALLOCATION OFRESOURCES
Definition
the distribution of the available factors of production
(resources) among the various uses to which they might be put
Term
ALTERNATIVE COST
Definition
see opportunity cost
Term
ALTERNATIVES
Definition
choices
Term
ANNUAL PERCENTAGE RATE(APR)
Definition
the interest rate or the cost of credit for one year
Term
ARBITRATION
Definition
the settlement of a dispute by a person or persons chosen to hear both sides and come to a decision
Term
ASSEMBLY LINE
Definition
an arrangement in which a product is assembled by having each worker perform one specialized task as the product passes by on a moving conveyance; see specialization
Term
ATM
Definition
Automatic Teller Machine
Term
AVAILABLE CREDIT
Definition
the preset amount of credit available on a credit card
Term
AVERAGE PER-CAPITA INCOME
Definition
average earnings of persons in a specific market area
Term
AVERAGE PER-FAMILY INCOME
Definition
average earnings of families in a specific market area
Term
BALANCE
Definition
the amount of money one has in a bank account
Term
BANK
Definition
a business that stores money (in checking and savings accounts) and that exchanges and lends money
Term
BANK CREDIT CARD
Definition
a card, like Visa or MasterCard, that lets one make purchases or obtain cash advances and repay the cost of those purchases plus interest (in most instances) over time
Term
BARTER
Definition
the direct trade or exchange of goods and services between people without the use of money; see exchange and trade
Term
BENEFIT
Definition
anything that is helpful or advantageous
Term
BENEFITS
Definition
to receive advantages or good things as a direct result of employment; also called fringe benefits
Term
BORROW MONEY
Definition
to use money belonging to another person or financial institution, usually by agreeing to pay interest for the use of the money
Term
BROKER
Definition
a person who acts as an agent in making contracts, sales or purchases, particularly of stocks, bonds or real estate
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