FI$H economics vocabulary Unit 9 modified level

An item that is offered as security for a loan. If the loan is not paid back, this item is lost.

• collateral

• interest

When you pay for future protection from potential harm or loss. You contribute a small amount but it is combined with the small amounts of many other people.

• insurance

• entrepreneur

The amount of $$ you must pay before an insurance policy starts to pay also

• deductible

• interest

When you lose everything- your businesses is destroyed and you have no savings or other assets

• financial ruin

• exportation

A legal agreement between 2 parties that makes both parties follow the agreed on terms

• contract

• insurance

For the benefit of the public. For the benefit of the community. Everyone is better off because we care about it

• Greater good

• government

A plan that describes the rules: often used when talking about insurance

• policy

• loan

Someone who isn't involved with the actions around them

• bystander

• instigator

Failure to pay financial debts. Used when talking about a loan

• default

• investment

Being able to get a product or service NOW but delaying payment until the FUTURE

• credit

• arears