A
Whereas a want is a non-essential desire that would be nice to have, a need is what?
Something that is essential for your health and survival.
True or false: cash is a terrible gift idea
False
Why should you avoid having more than one or two Credit Cards?
Because it is far too easy to end up with massive amounts of debt.
Trixie borrowed money from the bank in order to buy a house. What is the name of the item she must now pay each month?
Mortgage
After a business pays its employees, and any utilities, any left over money at the end of the month is called what?
Profit
Chase created a business from the ground up. This is called being a what?
Entrepreneur
Credit Score
What was the name of the old Native American form of currency which consisted of items, of various color, that could be braided into one's hair?
Wampum
If something is "micro" this means that it is what?
**hint** think about what a microscope lets you see
Tobacco and sugar are examples of what type of item
Cash Crop
Even though the Playstation Store is a digital market it is, nevertheless, a market. This is because, like all marketplaces, the Playstation Store has what characteristic found in all markets?
Buyers and Sellers
True or False: the only point of a labor union of a labor union is to protect workers rights
False
When picking between two options, financial or otherwise, the choice you do not make is called what?
Opportunity Cost
The expansion and contraction of the economy, getting bigger and smaller, is called what?
The Business Cycle
Like Thanos said in Avengers, the universe needed to be "perfectly balanced" (equal). In an economy, when supply and demand of a specific item reach this "perfect balance," the item has reached its what?
Equilibrium Price
Throughout the world, American Dollars are the most widely used form of what?
Currency
When the MLB players new contract demands went unheeded by the owners, they refused to play until their demands were met. This is called a what?
Strike
If you and I both agree on the price of an item (I am the seller and you are the buyer) the price upon which we agree the known as the items what?
Market Value
When talking about Economic Theory, what is the name of the law that says, in part, "people will buy more of an item when its price goes down."
This law is called the Law of Supply and Demand.
Who controls a country's economy in a control-based economy?
The government
Star Trek refers to space as "the final frontier," because of the infinite possibilities of space. Similarly, the PPF graph shows the possibilities of what?
Production
When the consequences of a business decision affect others, but do not impact the cost of their goods, this is called a what?
Externality