A savings account that is set aside to be used only for emergency expenses
Emergency Fund
100
Three Branches of Government
What is BDM
100
The formal structures and institutions through which decisions are made for a group of people.
What is Government
200
Account in which deposited money can be withdrawn at any time by writing a check or using a debit card
What is checking account
200
Minimum necessities, comforts, or luxuries thought to be essential
What is standard of living
200
How much money should you have in a fully funded Emergency Fund?
$500-$1,000
200
Separation of Church and State
What is Locke
200
A political community made up by a group of people that live within a clearly defined territory.
What is State
300
Used to make purchases now and pay for them later (with interest); Essentially a loan from the bank or company.
What is Credit Card
300
Government controls every aspect of a country's economy (Communism= North Korea).
What is Control Economy
300
A system that is used to store cash for planned monthly expenses (ex: food, entertainment or gas).
Envelope System
300
Helped develop the Social Contract Theory.
What is Hobbes
300
When the rulers of a nation are recognized and accepted by the people they rule.
What is Legitimacy
400
A sum paid or charged for the use of money or for borrowing money
What is Interest
400
Production is based on customs and traditions (Native Americans); Usually trading or bartering.
What is Traditional Economy
400
A cash flow plan that assigns an expense to every dollar of your income.
Zero-Based Budget
400
Argued for a free market economy; Believed in "laissez-faire economics"
What is Adam Smith
400
The theory that a king/leader is answerable only to God, not the people he rules.
What is Divine Right of Kings
500
An amount of money given to the borrower for a set period of time. After the set time has passed, the money must be paid back plus the lending fee, called interest.
What is loan
500
Totally free of government intervention (Early Industrial Revolution).
What is Market Economy
500
Saving money over time for a large purchase
Sinking Fund
500
The arrangement between individuals and their government; People give up some of their personal freedoms in exchange for order, peace, and safety.
What is Social Contract Theory
500
The supreme power of a state/political group to act within its territory