Markets & Economies
This happens when there is not enough of a product to meet the demand.
What is a shortage?
This is money you earn from working a job or providing a service.
What is income?
Experts often recommend saving this percentage of your income.
What is 20%
This is the term for money spent on things like rent, food, and transportation.
What are living expenses?
Scarcity
what is a gap between limited resources and theoretically limited wants
This type of market has only one seller, which means no competition.
What is a monopoly?
Doing chores, babysitting, or mowing lawns are examples of this kind of income source.
What is a side-hustle?
This is the term for a financial plan that helps you track income and expenses.
What is a budget?
This type of card takes money directly from your bank account when you make a purchase.
What is a debit card?
Marginal costs
what is an additional cost incurred when producing one or more unit of a good or service.
Helps businesses determine te optimal level of production
The total value of everything a country produces in a year is called this.
What is a gross domestic product (GDP)?
Selling handmade items online or at markets is an example of starting this.
What is a small business?
An emergency fund should ideally cover this many months of living expenses.
What is 3-6 months?
Creating this can help you avoid overspending and track where your money goes.
What is a spending plan?
An economic model that explains how the price and quality of goods and services are determined in a maket
what is supply and demand
This is the name for a person who buys and uses goods and services.
What is a consumer?
This is the money you receive before any taxes or deductions are taken out.
What is gross income?
This is the type of interest that earns you money on both your original savings and the interest it already earned.
What is compound interest?
Buying this item used instead of new can often save money without losing quality.
What is a car, furniture or clothing?
Resume
What is a brief account of a persons education, qualifications, and and previous job experience usually sent with a job application
A free market economy is mostly run by this group of people.
Who are consumers and businesses?
This is the act of selling goods or services to make a profit.
What is entrepreneurship?
Saving money is easier when you learn to tell the difference between these two types of expenses.
What are needs and wants?
This is the total amount you pay for an item, including tax and any extra fees.
What is the total cost?
A federal loan available to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses
What is a direct PLUS loan