The Economy And Entrepeneurship Vocabulary Flashcards
Bartering
The exchange of goods for goods / services without using money.
Promissory
A written promise to pay money owed.
Raw Materials
Things in nature that are used to make goods.
Phishing
Using an email to fool someone in order to get personal information.
Electronic Funds Transfer
(EFT) To move money from one account to another.
Automatic teller machines
(ATM) Machines with banking services offered to clients of a bank.
Personal identification number
(PIN) A number with 4 / 5 digits used as a secret password to your bank account.
Sanitation
Managing waste and keeping living areas clean.
Recreation
Fun or relaxing activities.
Households
Families and individuals living together.
Communities
Large groups of people living in the same area who share services.
Wants
Things we’d like to have, but they’re not needed to survive.
Goods
Products that are made or grown.
Services
Things people do for others which is paid for.
Commodities
Goods and services.
Resources
Things that are used to satisfy need and wants.
Produces
Businesses or people who make goods.
Consumers
Businesses or people who buy and use goods and services.
Consumable
Goods that are used up.
Durable
Goods that last a long time.
Income
Money that people / business / households earn.
Recycling
Changing used materials into something new.
Reprocessed
Processing something into something else.
Reusing
Using something for something different than what it was made for.
