Economics Vocab

the lowest amount of money a worker is allowed to be paid under the laws of the state

• wage

• minimum wage

• salary

• interest

a person who works for another person or company in return for some form of pay

• employee

• producer

• employer

• consumer

companies or people who create or provide goods or services in a society

• employee

• employer

• producer

• consumer

a company or person who hires others to work for pay

• employee

• employer

• consumer

• producer

a fixed amount of money paid for work done, usually at a yearly or monthly rate

• minimum wage

• wage

• salary

• interest

money paid to a worker for work done, often at an hourly rate

• minimum wage

• wage

• salary

• interest

money earned by a person when a bank or someone else pays them for use of their money

• salary

• interest

• wage

• income

a risk of money or time that someone takes for getting something in return, such as a profit

• interest

• investment

• salary

• budget

the cost of what someone gives up to get what he or she wants

• opportunity cost

• budget

• loan

• needs

money earned that is leftover after necessities of life are paid

• budget

• loan

• salary

• profit