Scarcity & PPF Curve
Trade-Offs/Opportunity Costs/Cost-Benefit Analysis
Roles of the Individual in the Economy & Factors of Production
Functions & Characteristics of Money
Banking & Bank Accounts
100
the idea that all resources are finite (limited)
Scarcity
100
when choosing between two options, the value of the choice you DO NOT choose is called...
Opportunity Costs
100
one of the three factors of production that are natural resources
Land
100
function or characteristic?
store of value
function
100
the percentage of principal charged by the lender for the use of their money
interest rate
200
represents the maximum production of two goods efficiently
PPF Curve
200
the decision between one or more outcomes
trade-off
200
the work that goes into producing a good or service
labor
200
characteristic of money that makes money easy to carry
portable
200
an account that allows withdrawals and deposits daily, through the use of checks and debit cards.
checking account
300
the science that studies the choices people make as they try to satisfy their wants and needs in a world of scarcity and how we allocate our limited resources.
Economics
300
the process of checking the pros and cons when choosing between two or more choices
cost-benefit analysis
300
anything that holds value when producing a good or service
capital
300
characteristic of money that makes it able to withstand wear and tear of the many people using it
Durable
300
an account that allows deposits and withdrawals (only a few) however is not meant for daily use.
savings account
400
the point(s) that represents maximum efficiency
A, B, C
400
may provide funds for a variety of reasons, such as a mortgage, automobile loan or small business loan
Lender
400
characteristic of money that makes it hard for people to obtain
scarce
400
an account with higher interest rates than a checking account however you can only use the account in the same way as a checking account on a limited basis.
money market account
500
the point(s) that represent an amount that is impossible to produce
Y
500
will obtain money or property from a person by asking them, with the motive of using the borrowed item for a specific purpose
borrower
500
two or more characteristics of money that allows us to save money and put it for the future
anything but divisible
500
How does a bank make money?
through the interest they charge the people that loan their money