8th grade Louisiana History Chapter 3 Vocab.

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8th grade Mr. Williams' Louisiana History chapt. 3 voc.

Economics

the production, distribution, and consumption of goods and services

Market System

an economic system in which citizens are free to make economic decisions

Command System

an economic system in which a small group of goverment officials make economic decisions for all citizens

Traditional System

an economic decisions in which customs determine economic decisions determine economic decisions

Barter System

in which goods or services are traded without the exchange of money

Regulatory Agency

an agency that monitors economic activity

Services

the preformance of a specific task for pay

Dividends

a share of the profits

Supply

a quantity of a product

Demand

the quantity of goods that buyers will take at a particular price

Subsize

to assist or support with money

Scarcity

insuffiecient supply, shortage

Surplus

something that remains above what is used or needed

Wage

money that is paid or recieved for work or services, as by the hour, day, or week

Salary

a fixed amount of pay

Specialization

the act of specialization or the process of becoming specialized

Allocate

ration or set aside for a special purpose

Unemployment Rate

the precentage of the work force who desire work but are unemployed at a given time

Interest

a charge for credit or a loan, usually a percentage of the loan ammount

Line of Credit

the amount of credit a consumer is able to obtain

Simple Interest

a fee (usually a precentage) paid on the original loan amount, not on any accrued

Compound Interest

interest computed on unpaid interest as well as the principal

Investing

to put (money) to use by purchases or expenditure, in somthing offering potential profitable returns, as interest, income, or appreciation in value

Deflation

a decrease in consumer prices

Consumer Price Index

a means of measuring changes in the cost of basic goods and services

Stock

a portion of a public corporation available for for sale; a paper document that certifies an investor has partial ownership of a public corporation

Shares

a percentage of a public coorporation available for sale

Global Market

the world-wide economic market

User Fees

admission to state parks and museums or tolls on public roads or bridges

Aquaculture

the cultivation of marine or freshwater fish of shellfish

Tariff

a tax on foreign or imported goods

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