Money Smarts
This type of fund helps you pay for surprise expenses like a flat tire or an unexpected medical bill.
What is an emergency fund?
Emergency fund
The value of the next best thing you give up when you make a choice.
What is opportunity cost?
Workers, teachers, doctors, and store clerks all represent this productive resource.
human labor/ human capital
After a hurricane, gasoline becomes scarce. What happens to gas prices?
What is they go up?
A low credit score means what for interest rates?
What is a higher interest rate
This tool helps you plan how to spend and save your money each month.
What is a budget?
If you choose to spend the night studying instead of going to a basketball game, THIS is your opportunity cost
What is going to the game?
Natural resources like water, trees, minerals, and land fall under this category.
What is land
Fast-food restaurants that only sell one type of food (like only chicken or only tacos) are using this concept
What is specialization?
A checking account is best used for THIS type of spendin
What are daily transactions or paying bills?
If your monthly expenses are higher than your income, what is the FIRST thing you should do to fix your budget?
Reduce or cut non-essential spending.
A teen picks a part-time job but loses time to hang out with friends. This lost time is the ________
what is the opportunity cost
People who create businesses, take risks, and bring ideas to life represent THIS resource.
What is entrepreneurship?
In the absence of government control, scarce products tend to move in this direction in price.
What is increase
A country MOST increases economic growth by investing in THIS
What is technology
Name the financial choice that covers things you must pay for—rent, food, transportation.
What is a need
Choosing to attend a cheaper college far from home means you miss the chance for THIS benefit of staying local.
What is living at home (or cheaper options?
This economic system features the government making most economic decisions.
What is a command economy?
A business that rewards “Employee of the Month” is using these to motivate workers.
What are incentives?
This economic problem happens when wants are unlimited but resources are limited.
What is scarcity?
To avoid paying interest on a credit card purchase, you should do THIS before the grace period ends.
What is pay the full balance?
The study of decision making, and allocating scarce resources
Economics
A point inside the Production Possibility Curve shows resources are not being used fully. This is called
What is underutilization?
The Vietnam War draft used a random drawing plus force. Name BOTH methods of allocation
What are lottery and authority/force
In scarcity, what two conditions must exist
What is Unlimited wants + limited resources.