Economics Vocabularies: Do you know what these words mean?
• Economics –making, buying and selling goods or services
• Barter –trade
• Goods –things people buy or sell
• Services –work for other people. Workers earn money for their services.
• Supply –how many goods there are for people to buy
• Demand –how many people want to buy something
• Scarcity –a limited number, not enough
• Producers –people who make goods or offer services
• Consumers –people who pay for goods or services
• Opportunity Cost –something you give up so you can choose another thing
• Profit –extra money you earn from selling goods or services
• Loss –money you lose from selling goods or services
• Specialization –when a person or a business has special skills to do part of a task and needs other people to complete the work
• Interdependence –when people and businesses depend on each another
• Taxes –People pay taxes for public goods and services.
• Entrepreneur –a person who invents and sells a new product or service, or invents a
better way to produce an old one
• Free Enterprise –Business owners make their own decisions.
Idioms
- Go Dutch/split bill = bayar masing-masing.
- When dining out with friends, it’s often polite to suggest going Dutch/splitting the bill, ensuring everyone
pays their fair share. - Money to burn = uang yang cukup banyak bahkan bisa membeli hal yang tidak penting
- After receiving a hefty bonus, he seemed to have money to burn, indulging in lavish purchases without
much consideration - Let’s get down to business = mulai melakukan pekerjaan yang harus segera dikerjakan
- Enough small talk, let’s get down to business and discuss the details of the project.
- Tighten your belt: berhemat
- With expenses rising, it’s time to tighten your belt and start budgeting more carefully to make ends meet.
- Money doesn’t grow on tree
- Children need to understand that money doesn’t grow on trees; they should appreciate the value of hard work
and prudent spending. - To live from hand to mouth
- Despite working full-time, she still struggles to make ends meet and lives from hand to mouth, barely
managing to cover her basic expenses. - Rags to riches
- His inspiring journey from rags to riches is a testament to his determination and hard work, overcoming
adversity to achieve success. - Bring something to the table
- In a team meeting, everyone is expected to bring something to the table, whether it’s new ideas, expertise, or
resources, to contribute to the project’s success.