EARNED INCOME
DEFINITIONS
CREDIT REPORTS
RESOURCES
POTPOURI
100
Income after deductions
What is net income?
100
Economist
What do we call someone who studies economics?
100
Having too many credit inquiries, using more than 65% of you credit limit, not paying your bills on time, having too many credit cards
What are reasons your credit rating could be lowered.
100
Trees, minerals, fish, water, diamond, oil, metals..........
Name 4 natural resources in "Land"?
100
Another name for "Opportunity Costs".
What are Implicit costs
200
Income before deductions
What is gross income?
200
The study of how nations deal with scarcity.
What is Macroeconomics?
200
R9 or 300
What is a very bad credit rating
200
Unskilled Skilled Professionals
What are the 3 divisions of labour and give an example for each?
200
Rent, salaries, material
What are 3 examples of explicit costs?
300
Rent, savings, bus pass, cable TV, cell phone plan,
Name are 3 monthly fixed expences?
300
It is created when a buyers and sellers exchange resources, goods or services.
What is a market?
300
R1 or 900
What is an excellent credit rating.
300
Money, equipment, tools and factories.
What is capital
300
The benefit of a decision
What is Marginal benefit?
400
Groceries, electricity, cleaning products, drug store purchases
What are examples of variable expenses?
400
Land, labor, capital and entrepreneurship
What are 4 resources?
400
"I", "O" and "R"
What is "Installment" (Car loan), "Open" (Line of credit) and "Revolving" (Credit Card)
400
Bill Gates, Oprah, Richard Branson and Mary Kay Ash
Who are good examples of entrepreneurs?
400
It should be lower or equal to the marginal benefit
What is marginal cost?
500
Income tax ( provincial and federal), Unemployment Insurance, union dues, Quebec pension plan, Rx and dental insurance.............
What are 5 examples of deductions off your pay cheque?
500
Getting the right resource to the right people
What is allocation?
500
6 years at Equifax and 7 years at TransUnion
How many years does a bankrupcy stay on file in Quebec?
500
Atlantic cod and oil.
What nonrenewable resources?
500
"to hold all other things constant"
What is the ceteris paribus assumption?
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