Current Events
Buffalo Bills player who recently collapsed on the the field during the game with cardiac arrest
Damar Hamlin
the point at which quantity demanded and quantity supplied are equal
Where supply and demand cross
Factors of Production (name 1 of 4 words)
Land
Labor
Capital
Entrepreneurship
any 12 month period used for budgeting purposes
What is the 3 digit number that reflects how likely you are to repay a debt?
Credit Score
After a record 15 ballot votes this person has become the Speaker of the House
Kevin McCarthy
Tastes and preferences
Income
Substitutes
Compliments
What economic system relies primarily on the government to make most of the decisions about what to produce, how much to produce and for whom the goods will be produced?
Command Economy
What is dollar amount of our National Debt, approximately?
$31 Trillion
What does each number represent in the 50/20/30 rule?
50% needs
20% savings
30% wants
This famous Elvis descendant recently passed away at age 54
Lisa Marie Presley (Elvis's daughter)
Costs of production
Technology
Taxes
Quotas
what is it called when the Federal Reserve adjusts the Reserve Rate or the Discount Rate
Monetary Policy
What is GDP Per Capita?
value of GDP divided by population
What is the interest rate for a credit card called?
Annual Percentage Rate
Name of the recent "tell all" book written by Prince Harry
Spare
When demand decreases (curve shift) what happens to the Quantity Supplied and Price?
Price will decrease (less or lowered)
What 2 elements do households and firms have in common with regard to the government?
pay taxes
receive benefits (social programs & subsidies)
what concept is the general rise in the price of goods in an economy?
inflation
Interest calculated on Principal is what?
Interest calculated on Principal+interest is what?
Simple Interest
Compound Interest
What date are American Federal Income Taxes due?
April 15th
P is decreased (less)
What committee help the Federal Reserve to make decisions?
Federal Open Market Committee (FOMC)
all government spending is divided up into these 2 categories
mandatory and discretionary spending
The final cost of an item is substantially higher than the amount intially charged to the credit card. What has card holder been doing?
paying only the minimum balance or paying less than the full amount owed on the card.