vocabulary
a business that keeps money safe
bank
wants of consumers create a _____________.
demand
income is the __________ that someone earns.
money
who decides minimum wage?
government
what are 2 examples of expenses a business would have.
answers will vary
A persons plan for spending and saving money is called a ___________________.
budget
high supply + high demand =
low price or high price?
low price
what is the money that people put in the bank
savings
doing your homework before playing is an example of improving your ____________________.
human capital
What are the two columns on a budget
income and expenses
I ______________ or put money in my savings to account every month.
deposit
Who decides which people are too young to work in a free market?
business owners or the government
government
not having enough pencils in our class is an example of ___________________.
Who decides the price of a product or service?
business owner
What is the largest expense most parents need to include on their budget.
a) food
b) toys
c) pencils
_________________ means that people in the United States can make or sell any product or service that is allowed by law.
Free Market
what happens to the price of a product, when that product is scarce?
prices get higher
a company produces a comic book that becomes very popular. What will the company do next.
print more comic books
Doing your best in school contributes to your ___________________.
human capital
kate has a lemonade stand. She spends $10 on lemons, $5 on sugar, and $2 on cups. What is her largest expense?
lemons
_________________ is the amount of money that is left over after all the costs of a business have been paid
profit
How do consumers help decide what a business sells?
The wants of consumers create a demand for a product and businesses want to sell things or services people will buy
How does having a budget help you reach your goal
you are able to save for bigger items and activities.
you never run out of money.
What can you do to invest in your human capital.
(give 2 reasons)
answers will vary
Loraine bought a pencils for $1 each and will sell each one for $5. How much profit will she make if she sells 3 pencils.
$12