Economic Definitions
Terms
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- trade
- exchange
- market economy
- economy where business is in contrl
- entrepreneur
- someone who starts/owns a business
- natural resource
- something that occurs in nateure (timber water etc) that can be sold for money
- inflation
- decrease in the value or money
- command economy
- economy that runs completely by the governement
- budget
- balances incoming money against bills
- financial planner
- an individual with extensive understanding of investments who helps people wth personal finance
- income
- money made (from work investments, etc)
- investment
- putting your money in a place you hope it will grow
- physical capital
- the worth of things available to a business person (machines, material goods)
- federal reserve
- government central bank, controls lower banks and the money supply
- human capital
- the worth of a human's skills/knowledge
- supply and demand
- balance in the economy btw what people will buy and what businesses have to sell
- private property
- the right to own/posess things
- credit
- a loan of money where in trust must generally be paid
- personal finance
- a plan for how to spend/save/invest your money
- money supply
- the amount of money in circulation, determined by federal reserve
- competition
- the act of trying to beat an opponent; in business, usually by dropping prices/offering incentives
- opprotunity cost
- what is given to get something else