Economics Vocabulary

A way a country manages its money and resources to produce, buy, and sell goods and services. 

• supply
• economy
• voluntary exchange
• loans

A measure of how many people want to buy a particular good or service.

• demand
• supply
• interest
• loans

The total amount of a good or service that is available to consumers. 

• interest
• loans
• demand
• supply

A person who purchases a good or service. 

• Human Resources
• Consumers
• Producers
• Services

A person or company that either makes, grows, or does a specific good or service. 

• Consumer
• Producer
• Interest
• Services

The economic principle that buyers and sellers are willingly engage in free-market transactions.  For this occur, both the buyer and the seller must believe that they are better off as a result of the transaction. 

• Banking sector
• Human resources
• Business sector
• Voluntary Exchange

African Americans would rent someone else's land just so they can farm that land and grow goods.  When the goods are grown, the sharecropper would share the money with the landowner and just keep a little bit of it. 

• Government Sector
• Market
• Sharecropping
• Freedmen's Bureau

to remove or take away - in this unit, we are talking about money.  

• interest
• loans
• opportunity cost
• withdraw

Where households and businesses deposit money with banks, and then withdraw it as needed to pay for purchases. 

• checking account
• savings account
• loans
• personal finance

where households and businesses keep their money so it is left alone, rather than being withdrawn regularly.

• checking account
• savings account
• loans
• personal finance