Economics
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Created by:
NantucketViking on December 9, 2011
Classes:
nantucket whalers, Burkes group, Whalers East Coast Pride Quizlet Domanence, Andrew's Group, ACK Whalers, kaleys group
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15 terms
Terms | Definitions |
|---|---|
 money | something used to pay for goods, services and work |
| barter | exchange or trade goods or services without involving money |
| goods | things that are made or grown to sell |
| service | work or a job done for someone else for a price |
| bank | a business which receives, keeps and lends money |
| loan | money given temporarily, to be paid back with interest |
| interest | a percentage charged for borrowing money OR for a deposit in a bank |
| principal | the basic amount of a loan or deposit |
| consumer | someone who buys goods or services |
| supply | amount of something available to consumers |
| demand | how much consumers want something |
| deposit | money placed in a bank |
| simple interest | money paid yearly on the principal loan or deposit |
| compound interest | interest paid on the EVER INCREASING (compunding) total of principal and interest. |
| profits | the reason that banks lend money |
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