Economics Vocab

Front

Risk-taker who starts a business

Back

entrepreneur

Front

Money borrowed to repay

Back

loan

Front

Money deposited in a bank for safekeeping

Back

saving account

Front

A bank account for gradual withdrawals.

Back

checking account

Front

Limited money earned for work

Back

income

Front

A plan for spending money

Back

budget

Front

Focusing on one type of product or service

Back

specialization

Front

What is given up by choosing one way to use a resource?

Back

Opportunity cost

Front

Total amount of a product producers are willing to sell at a price

Back

supply

Front

Amount consumers are willing to buy at a price

Back

demand