Vocab
money that you owe
debt
an increase in supply or demand is going to shift the curve to the _______.
right
types of loans that are protected by collateral
secured loans
what does APR stand for?
Annual Percentage Rate
What is the goal of expansionary policies?
getting people to spend more money/boost the economy
demand that doesn't change based upon price
inelastic demand
items that go with another product
complement
what percentage of your budget should be spent on savings
20%
a name for people who grant predatory loans
loan shark
Who is in charge of putting FISCAL policies into place?
The Federal Government
fee for when you spend more money than what is in your account
overdraft fee
items that replace a product; a substitute
supplement
tax form that proves you can work in the U.S.
I-9
type of credit that you pay back monthly at the same rate (auto loans & student loans are examples of this type)
installment credit
Who is in charge of putting MONETARY policies into place?
The Federal Reserve (the banks)
an expense that you know you'll pay monthly but aren't sure exactly how much it'll cost
variable expense
the following are shifter of what ______?
# of producers
Natural disasters
Subsidies
supply
alternative to big banks
credit unions
what are the two main credit reporting agencies?
FICO & VantageScore
Increasing interest rates on loans is an example of ________ _________ policy?
contractionary monetary
the lowest part of the business cycle
trough
price goes along the ___ axis for supply & demand graphs
y
common type of loan that can't be protected by collateral
student loans
Food service provider that partnered with Klarna
DoorDash
stimulus checks are examples of ______________ __________ policy
expansionary fiscal