Economics Vocab Test

Anything that can be used to fulfill a need/want

• Resource

• Supply

• Good

• Money

The study of making decisions about how to use resources

• Opportunity Cost

• Economics

• Trade-off

• Money

The value of exchange for something.

• Exchange

• Cost

• facilitation

• Supply

An item that is used as money, but which also has value from its use as something other than money

• Good

• Supply

• Resource

• Commodity Money

Literally, trading one good or service for another, without using money

• Food Stamps

• Barter

• Sell

• Buy

An accounting tool that lists assets and liabilities

• Balance Sheet

• Money

• Opportunity cost

• Economics

The excess of the asset value over and above the amount of the liability; total assets minus total liabilities

• Excess

• Trade - Off

• Net Worth

• Abundance

It has no intrinsic value but is declared by a government to be the country's legal tender

• Commodity Money

• Conch Shells

• Food Stamps

• Fiat Money

What is legal tender in the United States?

• The US Mint

• Paper Money

• Paper

• Tenderoni

Item(s) of value that a firm or an individual owns

• Rich

• Assets

• Commodities

• Liabilities