Retirement
This retirement plan is sponsored by your employer and pays a set amount monthly after you retire.
Pension
The most significant ways to build wealth in America today.
Home ownership
The economic structure in which the government controls all economic decisions
Command
This market structure is characterized by only a single producer who has total control over the market
Monopoly
The economic phrase for unlimited wants, but limited resources
Scarcity
This account is opened by an individual
IRA
This type of mortgage often comes with a lower interest rate initially, in an attempt to lure buyers in; after an agreed upon time, the lender can increase the interest rate.
Adjustable Rate Mortgage or ARM
Market or Mixed
This type of market has only several producers who can work together to set prices too high
Oligopoly
The false idea that many fall prey to, that once you have spent money on something you have to use it.
Sunk Cost Fallacy
This type of account often has contributions matched by an employer
401(k)
The required down payment to avoid a PMI (personal mortgage insurance) fee for a home loan in most cases.
20%
This type of system is characterized by the government owning/ controlling some of the economy, while private individuals and businesses own other parts of the economy.
Mixed economy
This it the type of market that has many producers who are all selling extremely similar products.
Perfect competition
This is the phrase for where the supply and demand curves intersect
Equilibrium Price
You might choose to open this account if you think your tax bracket could be higher in retirement than it currently is.
Roth IRA
The highest amount of your monthly income that should be spent on housing.
30%
Traditional
This 3 word phrase describes factors that make it difficult for new producers to enter a market; some examples include government regulations, high start up costs, and customer loyalty to existing brands.
Barriers to entry
If winter is coming, what will happen to the demand curve for coats?
Shift right/ demand will increase
You have total control over your investments in this type of retirement account
IRA (Roth or traditional)
In this city, it is better to rent than to buy according to our video.
San Antonio, Texas
This type of economic system often discourages people from innovating and creating new ideas, because individuals cannot profit from it.
Command economy
Cell phone carriers are an example of this type of market structure
Oligopoly
The idea that every choice you make comes with a price
Opportunity cost