Unit 5 S.S. Economics Personal Finance

surplus

• something that remains above what is used or needed

• a shortage of resources

• a type of financial investment

• a method of budgeting

debt

• something that is owed or that one is bound to pay to another

• a type of investment that yields returns

• a financial term for profit

• an asset that increases in value over time

wants

• to wish, crave, demand or desire something

• to reject or refuse something

• to ignore or overlook something

• to forget or dismiss something

currency

• something that is used as a medium of exchange or for money

• a type of investment that yields interest

• a physical object that has no value

• a form of digital communication

price

• the sum or amount of money that is considered equal to something that is bought, sold, or offered for sale

• a type of currency used in transactions

• the value of an item based on its demand

• the cost of production for a good or service

needs

• something that must be in place for task completion or success

• a desire for something that is not essential

• a requirement that can be ignored

• a temporary wish for improvement

credit

• an agreement to entrust a buyer with goods or services without immediate payment, based on confidence in the buyer’s ability and intention to pay

• a type of loan that requires collateral to secure the amount borrowed

• a financial term that refers to the amount of money a person has in their bank account

• a method of payment that involves using cash only

producer

• a person who creates economic value, makes goods or provides services

• a person who consumes goods and services

• a person who manages financial investments

• a person who sells products at a retail store

supply

• to provide what is missing

• to take away something

• to create a demand

• to reduce availability

services

• work performed for payments

• goods sold to customers

• products manufactured for sale

• tasks completed for free