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SS Economics 3 FINAL
Vocabulary to help study :) pt.3
| Term | Definition |
|---|---|
| Cost of Business | The cost of all of your factors of production for producing a service or good |
| Revenue | Total money earned from selling |
| Profit | The money that you keep after paying back your cost of business |
| Debt | If your profit is less than 0, it means you owe money and are in this. |
| Break Even | When your cost of business and revenue are the same |
| Competition | This happens when producers make similar goods and services and want more consumers and money than the other producer I.e Coke and Pepsi, McDonalds and Wendy's |
| Advertising | Producing advertisements or commercials for a product or service If it is done well, it has a clear and concise message and target audience. If it is done badly, it can make people want to buy the good or service less |
| Inflation | A general increase in prices Happens for many reasons and sometimes for no reason at all |
| Recession | Follows inflation and is a time of general decline in economic activities (producing and purchasing) i.e The Great Depression |
| Budget | A plan that helps you to keep track of your income and expenses so you do not go into debt |
| Income | Money earned |
| Expenses | Money spent or saved |
| Fixed Expenses | Expenses that do not change |
| Variable Expenses | Expenses that change often |
| Loan | When someone (usually a bank) lends you money that you must pay back (plus interest) |
| Line of Credit | The amount of money that you can borrow up to in a certain amount for a credit card |
| Installment Loan | A loan that you pay back in pieces |
| Saving | The act of setting money aside for the future |
| Investing | Spending money in the hopes of making a profit i.e you can do THIS in stocks, bonds, property, yourself, etc. |
| Interest | The price for borrowing money Can change based on the loan or time |
| Credit Card | An arrangement between a person and a credit card company for a line of credit Can be safer for recovering lost money and building credit |
| Debit card | Allows you to spend money from your bank account Easier to avoid debt, no interest and no perks Dangerous if lost |
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