2nd grade economics

9 terms by weberh Plus

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ch 9

income

the money you make from your job

budget

the plan you have for the money you spend

interest

the money you earn for keeping your money in the bank

things used for money

shells, cows, whale teeth

bartering

trading a service or goods for another service or goods

scarcity

when you can't get the product or thing you want because it is not available.

bank

a place where you keep your money to keep it safe

opportunity cost

what you give up to get something else

competition

...when one store charges lower prices than another

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