Vocab Words
Credit Score
Borrower history/ Reliability record
The branch of knowledge concerned with the production, consumption, and transfer of wealth.
Economics
The minimum age requirement to vote in Washington.
18
Definition of Budget.
Money that a business has left after expenses.
Profit
Unicameral
Legislative body of one house.
Powers held by the federal government.
Delegated Powers
Branch of the Washington government that has the responsibility of creating laws.
Legislative Branch
Some of the ways families serve the country.
Raising children.
Paying taxes.
Involved in the economy.
Involved in their community.
Serving in the armed forces.
The principle in economics that buyers will ______ more and buy more when prices are low, and fewer when prices are higher.
Demand
Opportunity Cost
The cost, or loss, made by your choice.
economic principle that businesses will produce more products when they can sell them at higher prices and fewer products when prices are low
Supply
Online, In person, By mail.
What are the ways to register to vote in Washington state.
People get in trouble with their credit by doing what?
Missing payments.
Making only the minimum payments.
Loosing track of spending.
Borrow more than they can pay.
What is the most basic problem faced by every economic system?
Unlimited demand, limited resources.
Concurrent Powers
Powers held by both state and federal governments.
Amount of money borrowed
Principal
The five main responsibilities of the Government laid out in the preamble.
1. Justice
2. Peace
3. Defense
4. General Welfare
5. Freedom/Liberty
APR stands for.
Annual Percentage Rate
Interest
Plan for managing taxation and government spending.
What is fiscal policy?
Initiative
Process that allows citizens to start new legislation.
A method of referring questions of law directly to the people.
Referendum
The purpose of a Constitution.
To be the supreme law of the land and lay out the responsibilities and limitations of the Government at all levels.
Interest charged on the amount you owe.
What does monetary policy primarily involve?
Management of interest rates.