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CMS6-Unit 11 Vocabul
Unit 6-Your Financial Future- Vocabulary Review
| Term | Definition |
|---|---|
| interest rates- | A percentage or rate (fee) paid back to the lender by the borrower in addition to the amount of money borrowed. |
| loans | A debt that must be paid back to the borrower |
| investment | an accumulation of capital and resources such as houses, goods, machinery, or factories with the intent of increasing one’s wealth (to make money). |
| currency | the type of money used in a country to purchase goods and services |
| exchange rate | The rate at which one currency can be exchanged for another. |
| inflation | The rise in price levels of goods and services over a certain time period. |
| Gross Domestic Product (GDP)- | The total value of goods and services produced by a country over a certain time period (usually a year). |
| Entrepreneurs | An innovative person that is financially successful (by inventing a new product, service or opening a new business) |
| natural resources | Elements that occur naturally within an environment (that are used to fulfill human needs). |
| capital | goods or resources used in the production of goods and services. Usually non-financial related. |
| tariffs | taxes on exports or imports |
| quotas | limits (on exports or imports). |
| embargo | prohibiting partial or complete trade with a certain country. |
| Traditional Economy | An economy consisting of mostly subsistence (individuals or families hunt, gather, and grow what they need to survive) agriculture. |
| Command Economy | A central governing body decides what to produce, how to produce, and for whom to produce. |
| Market Economy | Supply and demand are the key factors that drive production, investment and distribution of resources. |
| Mixed Economy | Combines both market and command economy aspects |
| Credit | The ability of a consumer to obtain a good or service with the payment to come in the future. |
| Income | Money earned through work or investment |
| Investing | Placing money in a venture with the expectation that it will earn more money in the future, though the possibility always exists that it will be lost |
| Saving | Setting aside money so that it will accumulate and/or earn interest |
| Spending | Giving money to a producer in order to obtain a good or service |
Created by:
kiragodwin
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