Vocabulary
What is a consumer?
What is... someone who buys a good or service.
What will happen to the demand of snowboards in the winter months?
What is... go up.
True or false: Credit cards directly take money out of your own account (checking account).
What is... false.
Why do governments collect taxes?
What is... to fund public services.
What's up?
What is... it's all good!
What are... goods and services produced in your country that are then sold in other countries.
What will happen to snowboard prices in the summer?
What is... go down.
How do banks benefit savers?
What is... by providing a safe place to store money and by earning interest on their saved money.
How does paycheck withholding work?
What is... employers take out a percentage of your paycheck to go towards taxes.
What was the first Song of the Day?
Who makes decisions in a mixed economy?
Who are... individuals (consumers + producers) and the government.
If the overall demand for red ties goes up, what will probably happen to the price of red ties?
What is... it will go up.
What is a benefit of using a debit card instead of a credit card?
What is... (multiple answers)
How does federal income tax work? (Who pays more in income taxes?)
What is... those who have higher incomes pay more in taxes.
How old is Mrs. Dretske? (Better not get this wrong or make her feel older than she already is)
What is... 27.
What is... the government.
South American farmers have just harvested their largest cocoa crops in years. Cocoa is a major ingredient in chocolate. What will probably happen to the overall supply of chocolate bars?
What is... supply will go up.
How do banks benefit themselves?
What is... they earn money off of the interest they charge borrowers.
Which level of government takes out money for the military?
What is... the federal level.
If Mrs. Dretske didn't name her baby Franklin, what name would she have picked instead?
What is a stock?
What is... a share of ownership in a company, representing a claim on its assets and earnings.
What typically happens to the price of an item when the demand is low?
What is... the price goes down.
What is a benefit and disadvantage of taking out a loan?
What is... benefit: able to make a large purchase
Disadvantage: Pay more for the purchase in the long run due to interest.
Federal taxes goes towards mandatory and discretionary funds. What are the two things that are considered mandatory?
What are... social security and medicare.
Who was Mrs. Dretske's favorite member of One Direction?
Who was... Liam Payne.