Money key terms

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  • Created by: J.E.Smith
  • Created on: 18-10-17 12:54
Basic economic problem
Resources are limited but needs and wants are finite
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Opportunity cost
Something given up when we make a choice
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Demand
The quantity of a good or service that consumers are willing and able to purchase at a particular price
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Supply
The quantity of a good or service that businesses will offer for sale at a particular price
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Bank/building society account
An account for which the main objective is to gain interest and keep money safe
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ISA
Individual savings account
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Interest rates
An annual rate which is charged to borrowers’ or paid savers
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Annual equivalent rate (AER)
A figure quoted in savings advertisements to help people compare on savings products with another
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Risks
The chance that something may not succeed and its consequence
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Reward
The return received for taking risks
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Shares
Certificate representing a unit of ownership in a company
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Unit trust
A pooled investment fund usually shares-based investments
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Other cards in this set

Card 2

Front

Opportunity cost

Back

Something given up when we make a choice

Card 3

Front

Demand

Back

Preview of the front of card 3

Card 4

Front

Supply

Back

Preview of the front of card 4

Card 5

Front

Bank/building society account

Back

Preview of the front of card 5
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