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Economics 2

Application of economic terms

AB
Cashcoins and bills; $1, $5,$10
Checkdraws money from your bank
Credittake goods or services now and promise to pay for them later
Goodsgroceries,clothing, toys,furniture; things that you can see and take out of the store
Serviceshousecleaning, babysitting,mowing your lawn, haircut; anything where somebody does something for you
BarterI will trade you my corn for your oil
Wantnew bicylcle; basketball hoop, diamond ring
Needfood, shirt, pants, shoes,coat, hat
moneyused for exchange;cash and checks
Interestwhat the bank pays you for the money that you keep in their bank
Bondswhat you get when you invest (let use) your money in a company or the government
Stockswhen you buy these you own part of the company
ScarcityThere are 10 jobs and 20 people applying for those jobs
Abundancethere are 15 houses for sale and 8 buyers


Suzanne

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