learning center and money museum

Key vocabulary for your field trip

Before your field trip, introduce your students to these key terms and concepts in personal finance and economics.

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.