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Economics Definitions

Total questions: 17

Worksheet time: 9mins

Name
Class
Date
1.

Related to money, this is the money that you make.

a)

Income

b)

Expense

c)

Credit

d)

Save

2.

Related to money, this is the money that you spend.

a)

Income

b)

Expenses

c)

Credit

d)

Spend

3.

Something you do with money you’ve earned. The goal is to have more money in the future than you do now.

a)

Save

b)

Invest

c)

Spend

d)

Borrow

4.

Something you do with money you’ve earned. The goal is to have the same amount of money in the future as you do now.

a)

Save

b)

Spend

c)

Invest

d)

Interest

5.

Something you do with money you’ve earned. The goal is to trade having less money in the future in exchange for having something (stuff, services, etc) now.

a)

Save

b)

Spend

c)

Invest

d)

Borrow

6.

Related to budgets, this means that you have the same level of income as you have expenses.

a)

Balanced

b)

Surplus

c)

Deficit

d)

Debit

7.

Related to budgets, this means that you have more income than you have expenses.

a)

Surplus

b)

Deficit

c)

Balanced

d)

Borrow

8.

Related to budgets, this means that you have less income than you have expenses.

a)

Save

b)

Balanced

c)

Deficit

d)

Surplus

9.

Related to borrowing, this means that you’re paying with money you already have and it’s coming straight out of your account.

a)

Credit

b)

Debit

c)

Debt

d)

Deficit

10.

Related to borrowing, this means that you’re paying with someone else’s money that you promise to pay back.

a)

Credit

b)

Debit

c)

Deficit

d)

Debt

11.

Related to borrowing, this is the amount of money that you borrowed.

a)

Principle

b)

Interest

c)

Credit

d)

Surplus

12.

Related to borrowing, this is what you pay someone else for the service of them letting you use their money.

a)

Principle

b)

Interest

c)

Credit

d)

Debit

13.

Related to money, this is a plan for future income and expenses.

a)

Budget

b)

Surplus

c)

Deficit

d)

Balanced

14.

Related to money, this is money that you’ve borrowed or owe someone else.

a)

Debt

b)

Debit

c)

Credit

d)

Deficit

15.

How money is earned and spent; or more specifically, the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

a)

Economy

b)

Budget

c)

Division of Labor

d)

Interest

16.

When one person could do a lot of jobs OK, but decides to focus on doing one job especially well.

a)

Specialization

b)

Division of Labor

c)

Budget

d)

Principle

17.

When people decide to split up all the jobs that need doing, so they can focus on doing one thing well and other people can do the other things that need doing well. In other words, this is what happens when people specialize.

a)

Specialization

b)

Division of Labor

c)

Economy

d)

Budget