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Details Title: Mini-Society Vocabulary Description: Preston Total Flash Cards: 23 Created: 11/29/2006 19:21:22	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term good Definition any item that can be brought or sold Term economics Definition the study of the production and distrobution of our wealth Term service Definition any action that one person or a group performs for another in exchange of money Term resource Definition anything used to produce a good or service Term producer Definition someone who makes goods or provides services Term scarce Definition hard to find Term renewable Definition easy to replace Term nonrenewable Definition not easy or impossible to replace Term consumer Definition buyer of a good or services available for sale Term supply Definition the quantity of goods or services available for sale Term demand Definition the people who want to buy the goods of services Term surplus Definition over supply Term inflation Definition time when there is too much money in the economy resulting in higher prices Term recession Definition time when there is too little money in the economy Term depression Definition a severe recession Term consumption Definition how people use goods and services to satisfy their wants and needs Term interdependence Definition the way production and consummption of goods and services is devided among many different people Term bank Definition institution for saving and lending money Term federal reserve Definition the main regulator of banks in the U.S. Term mint Definition to make coins Term denominations Definition the amounts that money is printed in Term loan Definition to lend out money temporarily Term intrest Definition fee paid when you borrow money and earned when you save it