Basic Economics
What is Economics?
The study of decision making in a world where resources are limited.
What are the 3 levels of government spending?
Federal
State
Local
A way to balance income, expenses, and financial goals is known as what?
Budget
What is a premium?
The amount you pay each month to keep your insurance
What is Consumerism?
Rights given to the consumer to be treated fairly by businesses.
What determines how much of a product or service you need to have available?
Demand
What sets the standard for what a business can and can not do?
Government Regulations
What are the different kinds of banks?
National Banks
Regional and Community Banks
Credit Unions
Online Banks
Neobanks
What is Revolving Credit?
What does a business give your file your taxes?
W-2
What is inflation?
When prices go up.
Which Role of Government is anything owned by the government made available to all citizens?
Public Goods and Services
What type of card allows you to buy something now and pay for it later?
Credit Card
Which type of insurance requires you to make a co-pay before a visit?
Health Insurance
What form is used to file your taxes?
1040
Which economic system allows you to make your own decision and the government takes an Laissez-faire approach?
Market Economy
Which Role of Government uses programs to reduce the financial gap between the rich and those in need?
Redistribution of Income
What is a very good credit score?
Between 740-800
Which type of investment gives you part ownership of a company?
Stocks
What date are you suppose to have your taxes paid?
April 15th
Which policy determines how a government taxes and spends money?
Fiscal Policy
Which Role of Government puts things in place to fix market failures?
Resolve Market Failures
When calculating a credit score what is the biggest percentage that is taken into account?
Payment History
What is an example of Term Credit?
Mortgage
Student Loans
Vehicle Loans
Stop unfair trade practices.
Provides updated information.
No Anti-Social Activities.
Consumer Protection Laws.
Protects agains exploitation.