The Economy And Entrepeneurship Vocabulary

Question 1

Bartering

Answer 1

The exchange of goods for goods / services without using money.

Question 2

Promissory

Answer 2

A written promise to pay money owed.

Question 3

Raw Materials

Answer 3

Things in nature that are used to make goods.

Question 4

Phishing

Answer 4

Using an email to fool someone in order to get personal information.

Question 5

Electronic Funds Transfer

Answer 5

(EFT) To move money from one account to another.

Question 6

Automatic teller machines

Answer 6

(ATM) Machines with banking services offered to clients of a bank.

Question 7

Personal identification number

Answer 7

(PIN) A number with 4 / 5 digits used as a secret password to your bank account.

Question 8

Sanitation

Answer 8

Managing waste and keeping living areas clean.

Question 9

Recreation

Answer 9

Fun or relaxing activities.

Question 10

Households

Answer 10

Families and individuals living together.

Question 11

Communities

Answer 11

Large groups of people living in the same area who share services.

Question 12

Wants

Answer 12

Things we’d like to have, but they’re not needed to survive.

Question 13

Goods

Answer 13

Products that are made or grown.

Question 14

Services

Answer 14

Things people do for others which is paid for.

Question 15

Commodities

Answer 15

Goods and services.

Question 16

Resources

Answer 16

Things that are used to satisfy need and wants.

Question 17

Produces

Answer 17

Businesses or people who make goods.

Question 18

Consumers

Answer 18

Businesses or people who buy and use goods and services.

Question 19

Consumable

Answer 19

Goods that are used up.

Question 20

Durable

Answer 20

Goods that last a long time.

Question 21

Income

Answer 21

Money that people / business / households earn.

Question 22

Recycling

Answer 22

Changing used materials into something new.

Question 23

Reprocessed

Answer 23

Processing something into something else.

Question 24

Reusing

Answer 24

Using something for something different than what it was made for.

Question 25

Formal

Answer 25

Operating with specified structures, processes and regulations.

Question 26

Informal

Answer 26

Not operating with specified structures, processes and regulations.

Question 27

Income tax

Answer 27

A tax paid on the amount of money earned.

Question 28

Exploited

Answer 28

Taken advantage of in a negative way.

Question 29

Bankrupt

Answer 29

Unable to pay debts.

Question 30

Gross National Product

Answer 30

(GNP) Total value of all goods and services produced in a country over a specific period of time.

Question 31

Entrepreneurs

Answer 31

People who see a need and start a business to satisfy that need.

Question 32

Natural Disasters

Answer 32

Devastation caused by forces of nature.

Question 33

Epidemics

Answer 33

Outbreaks if a disease that spreads quickly among poplar and animals.

Question 34

Productivity

Answer 34

How quickly materials and energetic can be converted to products and services.