Week 29 Economics Vocab

Economics

• The study of how people make goods and services. It is how we earn or spend money.

• The analysis of how to maximize profits in a business.

• The examination of historical financial trends and their impact on society.

• The process of creating laws and regulations for financial institutions.

Goods

• Things that people buy and sell.

• Items that are given away for free.

• Services that are provided to customers.

• Products that are only available online.

Save

• To set aside money for future use.

• To spend money immediately.

• To borrow money from a bank.

• To invest in stocks.

Services

• Work that someone does for someone else.

• A type of product sold in stores.

• An event that requires planning and organization.

• A form of entertainment for the public.

Consumer

• A person who buys goods and services.

• A person who sells products to others.

• A person who produces goods for sale.

• A person who only uses services.

Producer

• People who create goods or services for other people.

• Individuals who consume goods and services.

• Organizations that distribute products to consumers.

• Entities that regulate the market for goods and services.

Money

• What people earn when they work to buy goods or services.

• A form of currency used for trading goods.

• A type of investment that grows over time.

• Physical coins and notes used in transactions.

Spend

• To use money to buy goods or services.

• To save money for future use.

• To borrow money from a bank.

• To invest money in stocks.