Money key terms 0.0 / 5 ? EconomicsKey termsGCSEAll boards Created by: J.E.SmithCreated on: 18-10-17 12:54 Basic economic problem Resources are limited but needs and wants are finite 1 of 12 Opportunity cost Something given up when we make a choice 2 of 12 Demand The quantity of a good or service that consumers are willing and able to purchase at a particular price 3 of 12 Supply The quantity of a good or service that businesses will offer for sale at a particular price 4 of 12 Bank/building society account An account for which the main objective is to gain interest and keep money safe 5 of 12 ISA Individual savings account 6 of 12 Interest rates An annual rate which is charged to borrowers’ or paid savers 7 of 12 Annual equivalent rate (AER) A figure quoted in savings advertisements to help people compare on savings products with another 8 of 12 Risks The chance that something may not succeed and its consequence 9 of 12 Reward The return received for taking risks 10 of 12 Shares Certificate representing a unit of ownership in a company 11 of 12 Unit trust A pooled investment fund usually shares-based investments 12 of 12
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