Ch 1&2
Supply,Demand,MCP
Unit 1&2
Unit 3&4
Unit 5&6
100
The study of people producing and exchanging to get the goods and services they want.
What is economics?
100
The quantities of a particular good or service consumers are willing and able to buy at different possible prices at a particular time.
What is Demand?
100
A measurement of the money you receive and spend.
What is cash flow?
100
This is something you can do with your money to earn more money than you would in a savings account in the long run.
What are investments?
100
An institution much like a bank that is owned by it's customers.
What is a credit union?
200
This occurs wherever and whenever people make voluntary exchanges with each other.
What is a market?
200
People buy less of something at higher prices than they do at lower prices.
What is Price effect
200
The next best thing that is given up to attain something.
What is opportunity cost?
200
The relationship between time, money, and rate of interest.
What is the time value of money?
200
When someone else uses your personal information without your permission.
What is identity theft?
300
The basic elements used to create goods and services
What are resources?
300
The various amounts of something a producer is willing and able to sell at different possible prices at a particular time.
What is supply?
300
The total amount of income from your wages or before any payroll deductions.
What is gross income?
300
A rise in the cost of goods and services over time.
What is Inflation?
300
The chance of loss from some type of danger.
What is risk?
400
This is what remains after the costs of doing business have been met.
What is Profit?
400
The price that balances the amount buyers want to buy with the amount sellers want to sell
What is a market-clearing price (MCP)?
400
Fixed, variable, and periodic are 3 different types of these.
What are expenses?
400
The sum of money borrowed on a loan.
What is Principal?
500
An exchange of goods and services without money
What is a Barter?
500
How much more of a product either a producer or buyer wants to exchange than the opposite party is known as these 2 terms. (Must give both answers)
What is a shortage or surplus?
500
The letters in SMART goals stand for these 5 terms. (100 pts. per correct answer)
What are Smart, Measurable, Attainable, Realistic, and Time bound
500
The amount of money you must pay in addition to the sum borrowed in a loan.
What is interest?
500
A means of guaranteeing your financial protection against various risks.
What is insurance?
M
e
n
u