The Basics (M01)
Market Economy (M02)
Affecting Income (M03)
Vocab Schmocab
Straight Outta Everfi- Credit
100
The law of supply.
When supply is greater than demand prices decrease.
100
Key economic questions that every society must answer.
What are we going to produce
How are we going to produce it
Who gets the goods and services
100
Examples of Hard Skills
What are working on cars, computer programming.
100
The next best choice you did not make.
What is opportunity cost?
100
A long-term impacts of having a good credit history.
It's easier to pay for major puchases like cars, houses, and education.
200
The law of demand
When demand is greater than supply, prices increase.
200
Efficiency, Security, Freedom, Growth, Equity
The economic goals that all societies have.
200
Examples of fixed expenses
What are rent and car insurance?
200
A record of your income and expenses.
What is a budget?
200
Don't go over your limit and pay on time.
What are two things that you have to do with any credit.
300
The study of how people produce, distribute, and use goods and services.
What is economics?
300
The oldest type of economic system
What is a traditional economy?
300
$1,260
What are John's gross wages this pay period.
300
Money that you borrowed and you owe.
What is debt?
300
The time between when you make a purchase using the credit card and the date when the credit card company begins charging you interest
What is a grace period?
400
The reason you can't always get what you want.
What is scarcity?
400
The type of economy that is characterized by the Government owing most of all of the resources in the economy.
What is a centrally planned (command) economy?
400
Types of benefits offered by employers.
Healthcare, Paid time off
400
Interest that is wealth building.
What is compound interest?
400
The best strategy for paying your credit card bill?
What is Pay the entire balance every month?
500
Inflation
The cost of many things increase over a long period of time.
500
The structure of methods and principles that a society uses to produce and distribute goods and services.
What is an economic system?
500
Money taken out of an employee's paycheck
What is withholding?
500
No one can open a credit card in your name
What happens when you freeze your credit?
500
A history of how you pay back loans and credit cards
What is a credit report?
600
It's not worth the trouble to pick up my friend before school- describes what economic process?
What is a cost benefit analysis?
600
NOT
What is a Traditional economic system?
600
Flexible, short-term, and independent jobs.
What is the gig economy?
600
Money
What is anything you exchange for goods or services?
600
What makes lenders feel that you can’t handle more debt.
Why does higher credit utilization decrease your credit score?