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WorksheetsEconomics Definitions
Total questions: 17
Worksheet time: 9mins
Related to money, this is the money that you make.
Income
Expense
Credit
Save
Related to money, this is the money that you spend.
Income
Expenses
Credit
Spend
Something you do with money you’ve earned. The goal is to have more money in the future than you do now.
Save
Invest
Spend
Borrow
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.
Save
Spend
Invest
Interest
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.
Save
Spend
Invest
Borrow
Related to budgets, this means that you have the same level of income as you have expenses.
Balanced
Surplus
Deficit
Debit
Related to budgets, this means that you have more income than you have expenses.
Surplus
Deficit
Balanced
Borrow
Related to budgets, this means that you have less income than you have expenses.
Save
Balanced
Deficit
Surplus
Related to borrowing, this means that you’re paying with money you already have and it’s coming straight out of your account.
Credit
Debit
Debt
Deficit
Related to borrowing, this means that you’re paying with someone else’s money that you promise to pay back.
Credit
Debit
Deficit
Debt
Related to borrowing, this is the amount of money that you borrowed.
Principle
Interest
Credit
Surplus
Related to borrowing, this is what you pay someone else for the service of them letting you use their money.
Principle
Interest
Credit
Debit
Related to money, this is a plan for future income and expenses.
Budget
Surplus
Deficit
Balanced
Related to money, this is money that you’ve borrowed or owe someone else.
Debt
Debit
Credit
Deficit
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.
Economy
Budget
Division of Labor
Interest
When one person could do a lot of jobs OK, but decides to focus on doing one job especially well.
Specialization
Division of Labor
Budget
Principle
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.
Specialization
Division of Labor
Economy
Budget
