Economics Vocabulary

​Language for Economics

Vocabulary you need​

​Economics

​The science concerned with the making, selling, and using of goods and services.

related to: Economy​

​Economy

​The way in which good and services are made, sold and used in a country or region.

Related to Economics​

To take part in the exchange, purchase or sale of goods.

​verb

​The business of buying and selling items, see COMMERCE

​noun

​Trade

​Value

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1. A fair return in goods, services, or money for something exchanged.​

2. A principle or quality that is valuable or desirable​: A community's values."

​noun

1. to estimate the worth of something: "The necklace is valued at $200."

2. to think highly of​: "I value your friendship."

​verb

2. Any of the numbers that when multiplied together form a product:

   "The factors of 6 are 1, 2, 3, and 6."​

​math noun

1. Something that helps produce a result: "Price was a factor in my decision."​

​noun

​Factor

also a verb, as in "Class participation will factor into your grade."​

​Currency

​1. Money in circulation

​2. Common use or acceptance: "The idea has wide currency."

related to CURRENT​

​Incentive

​Something that makes a person try to work hard, or harder.

"Longer recess was an incentive to finish our work."​

Incentives can be positive or negative, see Disincentive​

​Opportunity

​A favorable combination of circumstances, time and place.

​"He practices guitar at every opportunity."

related to: Commerce​

2. ​to be difficult enough to be interesting; to test the skill or ability of

   "This puzzle will challenge you."​

​​verb

1. a difficult task or problem:

   "Memorizing the poem was a challenge."​

​noun

​Challenge

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