Keywords Flashcards

1
Q

Barter

A

Trade that takes place without money; goods and services are exchanged for one another.

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2
Q

money

A

Any object that can be exchanged for goods and services.

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3
Q

indirect trade

A

Trade that occurs when money is used to pay for goods or services.

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4
Q

promissory note

A

A piece of paper on which a person writes a promise to pay another person a certain sum of money sometime in the future.

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5
Q

medium of exchange

A

An item that is used to make trade easier. Example: money.

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6
Q

cheque

A

a written instruction to a bank ordering them to pay a certain sum of money to the person named on the cheque.

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7
Q

bank card

A

a piece of plastic with certain characteristics issued by the bank which allows the holder to conduct electronic banking.

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8
Q

credit card

A

A type of bank card which allows the holder to borrow money in order to make payments.

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9
Q

debit card

A

A type of bank card which allows the holder to use money that they have already deposited to make payments.

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10
Q

need

A

Something you have to have in order to stay alive.

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11
Q

want

A

Something you would like to have but do not need.

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12
Q

households

A

groups of individuals who live together.

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13
Q

community

A

a large group of people who live or work together.

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14
Q

collective

A

belonging to everyone

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15
Q

public goods and services

A

goods and services that the government provides and everyone in a community uses.

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16
Q

standard of living

A

the level of income, wealth, material goods and necessities available to a person

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17
Q

primary needs

A

our most basic survival needs

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18
Q

secondary needs

A

needs that develop once our primary needs have been satisfied

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19
Q

recources

A

the things we need to produce goods and services

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20
Q

scarce

A

only a small / limited quantity available

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21
Q

non-renewable resources

A

resources that can’t be replaced in a person’s life time

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22
Q

renewable resources

A

resources that can be replaced

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23
Q

economic problem

A

unlimited needs and wants but limited resources

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24
Q

economics

A

the study of needs and how to satisfy them

25
goods
things we consume
26
services
work done for the benefit of another
27
consume
to use up or finnish
28
consumer
a person / business that consumes
29
government agancy
an organisation that supplies goods or services to people. Example: Telkom
30
producers
people or organisations who make goods and / or services.
31
entrepreneurs
people with skills that start their own businesses
32
operating costs
cost of running a business
33
constitution
all the laws governing a country
34
grant
an allowance which means that no payment is required
35
effectively
choosing the best option to get what you need at the best price at the best time
36
efficiently
getting the best results from what is available with the least possible waste in time and materials
37
market share
the part of the market in which you sell your goods and services
38
What is an informal business?
a business not regulated or controlled by the government.
39
What is a formal business?
A business that is regulated or controlled by the government
40
What are accounting records?
books or records that are drawn up by a business to keep track of all their transactions and business deals.
41
What is tax?
A payment charged by the government to pay for the provision of goods and services that are needed to run the country.
42
What is VAT?
Tax paid on the goods and services that you buy.
43
What is an expenditure?
money you spend
44
What is a deficit?
The extra amount of money you need when your expenses are more than your income
45
What is a surplus?
when you have money left over after you have paid all your expenses
46
What is a budget?
a money plan to make sure that you do not spend more than you earn
47
What is investing?
Taking money you have saved and using it to make more money.
48
What is income?
money earned by a business or person
49
What is an expense?
Costs that a person or business has.
50
What is a statement of Net Worth
a list of assets and liabilities
51
What is insurance?
An agreement whereby a company agrees to pay for loss of or damage to your business in return for a monthly fee.
52
What is a transaction?
A business deal
53
What is a source document?
A record of a transaction that took place in a business
54
What is a current account?
A bank account used for daily transactions
55
What are finances?
money or funds
56
What is capital?
what the owner puts into their business
57
What are assets?
possessions that are used to run a business
58
Hierarchy of needs:
``` Self actualization Esteem love/belonging Safety Physological ```