Economics Banking Vocabulary
Terms in this set (34)
It is the price where both buyers and sellers are satisfied or happy with the price of the good.
A situation in which quantity demanded is greater than quantity supplied, when there is not enough of a good or service.
A situation in which quantity supplied is greater than quantity demanded, when there is too much of a good or service.
pay, wages, revenue, earnings
the total amount of money earned before deductions or taxes are taken out of your paycheck
Amount of income left after taxes and deductions have been taken out.
Pay for hours worked beyond the set regular number for a job (8 hours or more),
a time and half
A plan for making and spending money
an estimate of income and expenditure for a set period of time.
Completing; fitting together well; filling mutual needs
a good that replaces another good and is usually cheaper
The study of how people seek to satisfy their needs and wants by making choices
Consumer willingness and ability to buy products
being effective without wasting time or effort or expense,
Producing results without waste
The amount of goods available or
How much of a good or service a producer is willing and able to produce at different prices.
Law of Demand
When price is increases, demand decreases and when price decreases, demand increases
Law of Supply
When price increases, supply increases or when price decreases, supply decreases.
good or goods
those things or items we buy, some we need and some we want
those things we pay for and receive from others like a haircut, massage, pedicure or a carwash
The exact amount of money contained in a deposit according to the bank.
a printed form supplied by a financial institution, like a bank of credit union, on to which the customer writes the amount of money to be taken out.
to take money out of an account
saving count register
used for the purpose of tracking your deposits
the person who writes the check and the whose money is taken at their bank account
the person or business who receives the check as payment for goods or services
money that an account earns on deposited each year
A bank form listing the cash and checks to be deposited.
money the customers takes and places in their account at the bank
A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder
a bank account against which the depositor can drawn checks payable on demand
is a monthly report from a bank that shows deposits recorded, checks cleared, other debits and credits, and a running bank balance.
bank or financial institution
a place where people can save their money and also where people can borrow money for a car or house
balance your checkbook
The process of comparing your monthly checking account statement with your check register to make sure that your records and the bank's records match.
the amount charged by the bank for the services they provide in managing the account
automatic teller machine
a computerized device that allows customers to make bank transactions including withdrawing cash.