Economy
What is the person who brings up a new product and tries to sell it?
an entrepreneur
Who is personal finance used by?
You, to manage your own money
What is the 50% in 50/30/20 rule?
Needs
If the price of a good goes up, what happens to the demand?
Who uses corporate finance?
Businesses that are trying to make money
What is the purpose of budgeting?
To save your money
If the demand for a product goes down but the supply stays the same, what will happen to the price?
The price will go down
Who uses public finance?
The government and non-profit organizations
What is the 20% in 50/30/20 rule?
Savings
If the demand for a product goes up but the supply stays the same, what happens to the price?
The price will go up
What are the 3 types of finance?
Corporate, Public, Personal
The process of creating a plan for your money and tracking your income and expenses
What is economics?
The study of how society uses resources to produce, distribute, and consume goods and services
What is finance?
-the study and management of large amounts of money
-activities like borrowing, saving, spending, investing, borrowing, and lending
What is a likely reason for a budget to fail?
-poor tracking/saving
-major change in income
-unrealistic goals