Vocabulary
What is a budget?
A plan that shows income, spending, and savings
What is an example of a want?
Anything you do not need to survive
What was Madam C. J. Walker doing when she was 5 years old?
Working on a cotton farm
What is a budget?
A plan that tracks your money
Tell me 2 different ways you can earn money
Chores, mowing the grass, dog walking, working, etc.
What is supply?
The amount of a product that is for sale at different prices
What is an example of a need?
Something you need to survive
To improve the way her hair looked
What is an income?
All the money a person earns from a job or other places
Why is it important to save your money?
To have money to use later when you need it
What is demand?
The amount of a product that people want and can pay for at different prices
What is an example of a good?
A product, an object you can buy
How did she originally sell her products?
She went door to door
What is spending?
The amount of income a person uses to buy goods and services
What is a profit?
The income a business has left after all its costs are paid
Opportunity Cost
What you gave up when you choose something else
What is an example of a service?
Something that someone else provides you, not a product
When her products became more popular, how did people get the products?
By ordering through the mail
What is savings?
The amount of income that is not spent
If you can't decide between two items, and can only buy one, what can you do to help you make a choice?
Make a list
What is an economic choice?
When people buy one thing rather than another
What is an economic choice that you've made?
Example: When I bought the candy instead of the gum
How big was Madam C. J. Walkers mansion when she died?
34 rooms
Name the three categories you should have when making a budget
Income, spending, and saving
How can a business increase its profit?
Sell a product at a higher price; reduce the cost of producing or making goods or providing services