Vocab
What word means "not having enough of something to make everyone happy"
Scarcity
How are full and part time work different?
Full time= >35hrs a week
Part time= <35hrs a week
What is an example of a need and a want?
Need: food, water, shelter, clothes, medicine, ect
Want: candy, games, computer, ect
____ income is before any taxes are taken out
Gross Income
What is investment?
Spending money now in hopes to make more money later
What word means "what you give up in order to gain something"
Cost
What is the difference between a salary and a wage?
Salary = set, yearly amount (does not change no mater how many hours worked)
Wage = set, hourly amount. Changes based on # of hours worked
What is a service?
Something you do for another person
When employees work they make a salary or wage, called an:
Income
What is a stock?
A small piece of a company you can own
What word means "the study of people's choices due to limited resources"
Economics
A business with only 1 owner is known as
Sole ownership
Sole proprietorship
A person who buys goods/services from another is know as:
Consumer
Everything you have to pay for (food, rent, ect) is known as:
Expenses
What is the difference between a private and public company?
Public = can buy stock of, private you cannot
What word means "an activity where someone produces goods/services to make a profit"
Business
To be part of the "labor force" there are 2 conditions. What are they?
1) Be over 15 years old
2) be employed or unemployed (looking for job)
Consumers give money to ________ in exchange for goods or services.
Producers
When you keep track of your income and expenses, it is known as
Budgeting
Products are things produced by brands
Brands are the logo on products
Companies often own many different brands
Someone who studies the economy is called:
Economist
What is 1 reason a business might exist for?
Make a profit , Provide good/service , Extend a hobby , Meet a social need , or Provide employment
Producers give money to _______ in exchange for time, labor, and skills.
Employees
50-30-20 Budgeting menas:
50% needs, 30% wants, 20% savings
The short 1-4 letter code used tor represent countries on the stock market is the:
Ticker / Symbol