What is?
A plan to save and spend money.
What is a personal budget?
This works by creating a way to save and spend money based on the individual's income.
How does a personal budget work?
Income and expenditures (things your buy)
What are the basic elements of a budget?
Which was an example of specialization in the southern colonies?
Which was an example of specialization in the southern colonies?
To control our spending and how much money we should save each month.
Why do we need a personal budget?
A way of being able to support yourself without the help of others.
What is self-sufficiency?
This invention allowed faster communication which increased the need to use the railroad to send goods across the united states.
How did the telegraph help the railroad?
The most desirable alternative given up as the result of a decision
What are opportunity costs?
What are the impacts of the lumber trade?
What are the impacts of the lumber trade?
People will pay more for jobs performed by those who specialize in producing certain goods and performing certain services.
Why would people prefer specialization over self-sufficiency?
Focusing work effort on a particular product or a single task.
What is specialization?
Steamboats made travel faster and more efficient.
How did the steamboat impact travel?
A good or service produced in the home country and sold in another country.
What is an export?
What are opportunity costs pioneers faced?
What are opportunity costs pioneers faced?
The most desirable alternative given up because of the choice made by the individual.
What is opportunity cost?
Crops that create wealth because of the demand.
What are cash crops?
Supply and demand from the consumers in the local economy.
How did farmers decide what to grow?
Goods and services brought into a country from abroad for sale.
What is an import?
What are the effects of increasing imports?
What are the effects of increasing imports?
It drove them to find the least expensive way to get their work done.
Why did southern farmers use slavery?
Goods and services sold and bought to sustain an economy.
What are exports and imports?
It allows them to sell goods and services at prices they set and choose which products and services to sell.
How does voluntary exchange benefits sellers?
Something that encourages people to buy or sell a good or service
What are price incentives?
What are the effects of increasing exports?
What are the effects of increasing exports?
Because it was morally wrong to use slavery to produce goods and services in factories without paying the individual.
Why did northern farmers oppose slavery?