Supply & Demand
When demand goes up and supply stays the same, prices usually go _____.
Up
Comparing prices before buying something is called ____ shopping.
Comparison shopping
Money earned from working a job.
Income
Food, water, and shelter are examples of this.
Needs
A person who starts and runs a business.
Entrepreneur
When many stores sell the same product, this increases and prices often drop.
Competition
Money you get back after buying a product and submitting proof of purchase.
Rebate
A job that requires special education or training and long-term growth.
Career
Video games and designer shoes are examples of this
Businesses try to earn this by selling products.
Profit
This happens when there is not enough of a product for everyone who wants it.
Scarcity
A written promise that a product will be repaired or replaced if needed.
Warranty
This type of income stays the same each pay period.
Salary
This helps you decide how to spend and save money.
Budget
Money spent to run a business is called _____.
Expenses
If supply increases and demand stays the same, prices usually go _____.
Down
Reading product reviews helps reduce this when buying online.
Risk
This type of income depends on hours worked.
Hourly wage
Spending money on needs before wants shows this skill.
Prioritizing
Advertising is used to attract these people.
Customers
The relationship between buyers and sellers that determines price is called the _____.
Market
he total cost of an item including taxes and fees is called the _____ price.
Final
Money taken out of your paycheck for the government.
Taxes
Buying something you didn’t plan for is called ____ buying.
Impulse buying
The next best thing you give up when making a choice.
Opportunity cost