Economics Unit Vocabulary (8th Georgia Studies)

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profit

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the amount of money an entrepreneur or business earns after paying their expenses

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income

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Money that an individual or business receives on a regular basis for work or through investments

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household budget

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An estimation of income and expenses over a period of time for a family or individual.

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savings

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the amount of money that an individual has saved (usually in a bank) over a period of time

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debt

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an amount of money that an individual or business owes to a person, bank, company, etc.

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interest

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The charge for the privilege of borrowing money, typically expressed as an annual percentage rate (APR %).

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taxes

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A mandatory payment to the government, based on workers' income and business profits. This is how governments pay for services to citizens.

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entrepreneur

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a person who attempts to make a profit by starting a business / company

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risk (financial)

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the possibility of loss of investment money

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industry

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Groups of businesses that produce a particular kind of goods or services.