Vocab, Vocab, Vocab
The way in which a person or group lives
Lifestyle
The amount of money that someone makes before deductions and taxes.
Gross Income
Amount of money you need to sustain a certain lifestyle in a given area
Cost of living
Degree of wealth and material comfort available to a person or community
Standard of Living
Reason of a country to have low standard of living.
- low literacy rate
- poor economic system
- high death rate
What is living on less than $1.25 a day called?
Extreme Poverty
Take home money- after deductions and taxes.
Net Income
Name at least 5 factors that influence cost of living.
Housing
Food
Health Care
Clothing
Transportation
Education
Taxes
Entertainment
Providing small amounts of money at low interest to people in poverty
Microloans
Does everyone have income tax?
Yes
The amount of money needed to cover basic expenses such as housing, food, taxes, and healthcare in a certain place and time period. The cost of living is often used to compare how expensive it is to live in one city versus another. The cost of living is tied to wages.
Cost Of Living
The deduction that is taken out to help retired individuals.
Social Security
The largest bill people pay every month.
Housing
High life expectancy, low infant mortality rate, high literacy rate are all factors of ______
Social stability
What is an example of a flexible expense in your monthly budget?
Groceries
Clothing
Transportation
Eating Out
Entertainment
An income that is lower than the average income for a given area is called what?
Poverty
The deduction that is taken out of your paycheck to help pay medical expenses for the elderly
Medicare
The minimum level of income a person needs to meet their basic needs
Poverty threshold or Poverty line
Voting rights for only certain groups make a country political stability.
False
Riddle: The more you take, the more you leave behind. What am I?
Footprint
The amount of money you gain in a year when your employer pays you for your work.
Annual Salary
Name other deductions that can be taken out of your paycheck other than Social Security and Medicare.
State Taxes, Retirement (401k), Extra Health Care, State Income Tax (Texas doesn't have this, WOOHOO)
The cost of living varies from state to state because of a few different factors, name at least one.
Population
Social status
Cost to produce different goods and survives
Economics of that state
Factor of economic stability include.
Low unemployment rate,positive and growing GDP, Moderate inflation rate, High GDP per capita
Riddle:
I have no voice, yet I speak to you.
I tell of all things in the world that people do. I have leaves, but I am not a tree. I have pages, but I am not a bride. I have a spine, but I am not a man. I have hinges, but I am not a door. I have told you all. I cannot tell you more. What am I?
A book