Vocabulary to help study :) pt.3
Help!
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| Cost of Business | The cost of all of your factors of production for producing a service or good
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| Revenue | Total money earned from selling
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| Profit | The money that you keep after paying back your cost of business
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| Debt | If your profit is less than 0, it means you owe money and are in this.
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| Break Even | When your cost of business and revenue are the same
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| 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
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| 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
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| Inflation | A general increase in prices
Happens for many reasons and sometimes for no reason at all
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| Recession | Follows inflation and is a time of general decline in economic activities (producing and purchasing)
i.e The Great Depression
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| Budget | A plan that helps you to keep track of your income and expenses so you do not go into debt
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| Income | Money earned
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| Expenses | Money spent or saved
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| Fixed Expenses | Expenses that do not change
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| Variable Expenses | Expenses that change often
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| Loan | When someone (usually a bank) lends you money that you must pay back (plus interest)
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| Line of Credit | The amount of money that you can borrow up to in a certain amount for a credit card
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| Installment Loan | A loan that you pay back in pieces
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| Saving | The act of setting money aside for the future
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| Investing | Spending money in the hopes of making a profit
i.e you can do THIS in stocks, bonds, property, yourself, etc.
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| Interest | The price for borrowing money
Can change based on the loan or time
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| 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
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| 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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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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