investments
what are investments
Investing is the process of buying assets that increase in value over time and provide returns in the form of income pay, etc
what is economics
a social science that focuses on the production, distribution, and consumption of goods and services
needs > wants
true
what is our medium of exhange
money
what is a bank
a storing company owned building where money is kept safe
name 2 reasons people invest
to grow money quicker
helping to fight inflation
maintaining purchase power
reach goals faster
more independence
what is scarcity
lack of resources
Consumers are people who make goods and sell them
false
what is the most valued gem on earth
what is the most globally known form of exchange
USD
what happens when there is a large demand for a good
the supply goes down
what are consumers goods
goods bought and used by consumers rather than by manufacturers for producing other goods
Producers and consumers rely on each other in the economy
true
oil (or data)
what are the opportunity costs for a student who prefers to work rather than study
higher salary
what is opportunity cost
the loss of potential gain from other alternatives when one alternative is chosen.
what is specialization
A person's focus on one product or service
gold is the most utilized and valued mineral on earth
false (answer is lithium)
name a difference between free and economic products
free
- not scare, no one can solely own them, cannot be given at a price
economic
- useful goods/services, somewhat scarce, transferable to others
which US house controls our government's money
Congress
what two conditions must be present in order for something to have value
utility and scarcity
what is interdependence
When two people or companies depend on each other to be successful
being rich is described as having an abundance of valuable possessions and money.
false (answer is wealth)
what is productivity in measurement terms
the amount of output produced relative to the inputs used
The term 'budget' comes from this French word which meant 'little bag'
bougette