Key Vocabulary for Your Field Trip

Use this list to introduce important terms and concepts about money and economics to your students before visiting the Learning Center and Money Museum.

Bank
An institution where you can save money and earn interest, or borrow money and pay interest
Barter
To trade goods and services without exchanging money
Benefit
The satisfaction of your wants; the value attached to the satisfaction of your wants
Budget
A plan that includes a detailed list of expenses and income
Choice
an option that you have selected
Consumers
People whose wants and needs are satisfied by using goods and services
Demand
To need or want
Goods
Objects that can satisfy your wants or needs
Hyperinflation
Quick and uncontrollable inflation
Income
Money earned in exchange for your time and labor
Inflation
An increase in the average level of prices you must pay to receive goods and services; reduces the purchasing power of money
Interest
Money paid to you for borrowing your money, or money you pay for the use of someone else's money; interest can be earned from a bank or credit union
Investment
Money put into a company or business with hopes of making more money
Loss
A negative return on an investment (i.e., you end up with less than your original investment
Market
A place where trade occurs
Money
A medium of exchange that is used to buy goods and services
Opportunity cost
What you give up when you make a choice
Price
The value of goods or services you are expected to give up in exchange for other goods or services
Producers
People who produce or have a good or service that they sell to others
Productive resources
The natural resources, human resources, and capital goods available to make other goods and services
Purchase
To buy; to exchange for money or its equivalent
Save
To put aside for later use; to accumulate money; the opposite of spend
Scarcity
The problem of having unlimited wants while resources will always be limited
Services
Actions that satisfy your wants or needs
Spend
To use up; the opposite of save
Supply
To sell or provide
Trade
To give up something of value that belongs to you in order to receive something of value that belongs to someone else.