6th - SS Core Concepts 2.6 to 2.9 Vocab Flashcards
(24 cards)
Money a company has left over after subtracting the costs of doing business?
Profit
Organized way for producers and consumers to trade goods and services?
Market
Money earned by selling goods and services and by collecting taxes?
Revenue
Act of concentrating on a limited number of goods and services?
Specialization
Zero or negative economic growth for six or more months in a row?
Recession
General increase in prices?
Inflation
Struggle among producers for consumers money?
Competition
Economy in which people make economic decisions based on their customs and habits?
Traditional Economy
Economy in which individual consumers and producers make all economic decisions?
Market Economy
Economy in which the central government makes all basic economic decisions?
Command Economy
Economy that combines elements of traditional, market, and command economic systems?
Mixed Economy
Exchange of goods and services in a market?
Trade
Good or service produced within a country and sold outside the country’s borders?
Export
Goods or service sold within a country that is produced in another country?
Import
Tax on imports or exports?
Tariff
Something that keeps goods and services from entering a country?
Trade barrier
Removal of trade barriers?
Free Trade
Plan that shows income and expenses over a period of time?
Budget
Setting aside money for future use?
Saving
Price paid for borrowing money?
Interest
Arrangement in which a buyer can purchase something and pay for it over time?
Credit
Act of using money in hopes of making a future profit?
Investing
Share of ownership in a company?
Stock
Certificate issued by a company or government promising to pay back borrowed money with interest?
Bond
