Personal Finance
This is money you earn from a job.
What is income?
This economic system is based on government ownership of resources.
What is communism?
This term means having limited resources but unlimited wants.
What is scarcity?
This is money collected by the government to pay for services like schools and roads.
What are taxes?
This is the money a business makes after subtracting its costs from its revenue.
What is profit?
This is a plan for how you spend and save money.
What is a budget?
In communism, this group makes most economic decisions.
Who is the government or state?
This is what you give up when you make a choice.
What is opportunity cost?
This part of the U.S. economy allows businesses to operate freely.
What is the free market?
This occurs when the quantity supplied is greater than the quantity demanded.
What is a surplus?
This is money you set aside for future use.
What is savings?
Communism aims to create this kind of society where everyone is equal.
What is an equal (or classless) society?
This term describes the goods and services people are willing to buy and the amount at a certain price.
What is supply and demand?
This level of government collects taxes and creates national economic policies.
What is the federal government?
This occurs when the quantity demanded is greater than the quantity supplied.
What is a shortage?
This is money you borrow on site and must be paid back in full to avoid high interest charges.
What is credit card?
Instead of individuals owning property, it is owned by this group.
Who are the bourgeoisie?
These encourage people to make certain choices.
What are incentives?
This term describes a “hands-off” approach where the government does not interfere much in the economy.
What is laissez-faire?
This occurs when businesses compete to attract customers by offering better prices or products.
What is competition?
This is a regular payment, like rent or insurance, that usually stays the same each month.
What is a fixed expense?
The class of people who are working class of a communist society that are aiming to rebel.
Who are the proletariat?
This is the study of how people use resources to meet their needs and wants.
What is economics?
This document outlines the basic rules and principles of the U.S. government and economy.
What is the Constitution?
This principle means consumers have the power to decide what goods and services are produced.
What is consumer sovereignty?