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Mini-Society Vocabulary
Preston
23
Economics
10th Grade
11/24/2014

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Term
good
Definition
any item that can be brought or sold
Term
经济学
Definition
财富的生产和distrobution的研究
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
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