The Economy
My role in the economy is consumer or producer?
Both
Consumer
Producer
A want or a need: vegetables, fruits, grains, protein, dairy products
Need
A combination of two or more economic systems, such as a market and command economy (USA)
Mixed
Something found in nature (water, coal, wood, metal)
Natural resource
2 types of bank accounts
Checking and savings
What are the 2 types of banking cards?
debit and credit cards
A want or a need: candy, soda, games, jewelery
Want
Supply and demand determine what and how much is produced, private individuals and groups control production and distribution of goods
Market
Something made by humans (roads, machines)
Man made resources
To keep track of your money over a week/month
Budget
The school, Denver, Iowa, USA, World are all different levels of?
The physical products that we can produce and purchase
Goods
The government controls production, prices, and wages, workers are told what and how much to produce
Command
A resources that can be easily replenished
Renewable
Types of paper money (2 options)
cash, check
The type of economy of the United States?
Mixed (market, command)
The intangible products that we can produce and purchase
Services
Based on culture, traditions, and needs, goods and services are traded, not sold for money
Traditional
A resource that can not be easily replenished (gone for a long time/forever)
Non-renewable
Should you budget for wants or needs first?
Needs
A country's economy is growing if the GDP is increasing or decreasing?
Increasing
This is what you should take care of (want/need) before purchasing (want/need)
Need ... Want
Which type of economy is best and why?
Discussion of answer
Iowa's greatest natural resource
Soil
This type of bank card gains interest, so it is important to pay it off fully each month if you are able.
Credit card