Banking and Savings
Your money grows faster when you earn this type of interest.
What is Compound Interest
These are the monies you need to move into most rentals.
What are first, last and security?
The desire to own something and the ability to pay for it.
What is demand?
This is the monetary measure of the market value of all final goods and services produced in a period.
What is GDP or Gross Domestic Product?
This permanent condition exists because of limited quantities of resources to meet unlimited wants.
What is scarcity?
This is the rate that the Fed charges banks to borrow money.
What is the discount rate?
A plan on for how money will be spent each month
What is a budget?
As prices increase, quantity demanded decreases, as prices decrease, quantity demanded increases.
What is the Law of Demand?
A general rise in prices and falling purchasing value of money.
What is inflation?
Land, labor, capital and entrepreneurship.
What are the factors of production?
This is the minimum amount of reserves that must be held by a commercial bank as determined by the Federal Reserve Bank.
What is the reserve requirement?
A numerical rating of how likely you are to pay off your debts
What is a credit score?
The measure of how consumers react to a change in price
What is elasticity?
What is a fixed income?
Cost or benefit that affects someone other than the producer who did not choose to incur the cost.
What is an externality?
This is a government backed investment that is considered one of the safest investments.
What are savings bonds?
These are three federal tax deductions taken from your paycheck.
What are federal income tax, social security and medicare?
This type of good has a high elasticity of demand.
What are luxury items?
A decline in gross domestic product (GDP) for two or more consecutive quarters.
What is a recession?
Costs that do not vary with the quantity of output produced.
Fixed costs.
This outlawed restraints and monopolies that hindered trade
What is the Sherman Anti-Trust Act?
This is what happens to wages when there is a shortage of workers.
What is increase?
The total amount of goods or services demanded at any given point in time.
What is quantity demanded?
The phase of the business cycle when the economy moves from a trough to a peak.
What is an expansion?
This type of goods have a high elasticity of demand.
What are luxury items?