Economics
What are needs?
Things you MUST have to survive.
What is Supply?
How much of something you have available.
What is Financial Literacy?
Being skilled and knowledgeable about using money.
What is income?
The money that you earn.
What are 3 types of taxes?
Income Tax
Property Tax
Sales Tax
What is Scarcity?
Unlimited wants, limited resources
What is Demand?
How much of something that people want.
What is Bartering?
Trading goods and services for other goods and services.
What is a commission?
Extra payments made for good performance?
What is loan for a house?
Mortgage
What are the 4 factors of production?
Land, labor, capital, entreprenuership
What is a shortage?
When you do not have enough supply to meet the demand.
Credit cards are issued by who?
Banks
What is a salary?
When an employer pays a set amount on a regular basis.
What is APR?
The interest rate charged for an entire year.
"Annual Percentage Rate"
What is an opportunity cost?
The "thing" you are giving up when you have to make a choice.
What is a surplus?
When you have more supply than what is demanded.
The fee banks charge is called?
Interest
What is a wage?
Money paid in exchange for work. Wages are earned by the job or by the hour.
What is Inflation?
When the costs of goods and services continues to rise.
What is a Consumer?
Consumers are the people (you and me) that purchase goods and services.
What two types of items does our society produce?
Goods and Services
What is Direct Deposit?
When your money from your job is electronically deposited into your bank account.
What is a Profession?
A job that requires training, specialized knowledge or a degree.
What is Budgeting?
Balancing your expenses with your income.