ATeam 1 - Economics Terms

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ABUNDANT RESOURCES

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Those resources that are in relatively large supply; see scarce resources.

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ACCOUNT

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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.

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ADVERTISE

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Informing consumers about a good or service, particularly by praising it.

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ADVERTISEMENT

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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.

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ADVERTISER

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One who advertises.

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ALLOCATE

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To use for a particular purpose.

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ALLOCATION OF RESOURCES

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The distribution of the available factors of production (resources) among the various uses to which they might be put.

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ALTERNATIVE COST

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See opportunity cost.

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ALTERNATIVES

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Choices.

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ANNUAL PERCENTAGE RATE (APR)

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The interest rate or the cost of credit for one year.