Shared Flashcard Set

Details

Word Vocab Set 1
Word Vocab Set 1
11
Business
11th Grade
08/28/2013

Additional Business Flashcards

 


 

Cards

Term

earning

 

 

 

 

 

gaining money by working

Definition
Term

inflation

 

 

 

 

 

prices rise

Definition
Term

Spending

 

 

 

 

 

 

 

 

using money to purchase goods and services

Definition
Term

Law of Scarcity

 

 

 

 

Choices because of unlimited needs and wants

Definition
Term

opportunity cost

 

 

 

 

 

 

The highest-valued alternative

Definition
Term

trade-off

 

 

 

 

 

 

The choice of one item while giving up another

Definition
Term

Responsible spending

 

 

 

 

 

 

researching and planning purchases in advance

Definition
Term

Saving

 

 

 

 

 

 

putting aside money for later use

Definition
Term

Responsible saving

 

 

 

 

 

 

forming the habit of saving regularly

Definition
Term

Borrowing

 

 

 

 

 

 

 

obtaining money, goods, or services at present in exchange for the promise of future payment

Definition
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