Econ Vocab

A deposit of money that can be withdrawn without prior notice.

• Demand Deposit

• Bluntly

Goods produced in this country and sold abroad.

• Exports

• Imports

Assets that can be quickly converted to cash.

• Near Money

• Gold Standard

Items that would be nice to have, but not necessary for survival.

• needs

• wants

• goods

• services

How much of something people want to purchase.

• supply

• demand

• producer

• consumer

A person who purchases goods and services for personal use.

• good

• service

• consumer

• producer

How we make and use our money and resources.

• consumer

• producer

• economics

• capital

A market structure characterized by a single seller.

• Monopoly

• Oligopoly

• Perfect Competition

• Monopolistic Competition

The cost of the next best alternative foregone.

• Opportunity Cost

• Sunk Cost

• Fixed Cost

• Variable Cost

A situation where the quantity supplied equals the quantity demanded.

• Equilibrium

• Surplus

• Shortage

• Inflation