Econ Basics
In this type of economy, the government makes all the economic decisions.
COMMAND ECONOMY (or communism)
A plan that makes sure you consider all your expenses and earnings in order create financial stability.
BUDGET
Name one way to maintain a good credit score.
PAYING BILLS ON TIME/MONITORING STATEMENTS/BALANCING CHECKING ACCOUNT/PAYING OFF DEBTS QUICKLY
Employer-sponsored plans such as 401 (k) or 403 (b) can help you plan for this.
RETIREMENT
This type of post-secondary institution creates less debt from tuition and improves the ability to enter the workforce.
TRADE/VOCATIONAL SCHOOL
The market economy is ruled by the concept of ________________ & __________________.
SUPPLY & DEMAND
This is a good strategy to prepare for an unexpected cost.
PUT SOME IN SAVINGS!!!!
NOT PAYING OFF WHOLE BALANCE EACH MONTH/USING FOR UNIMPORTANT LARGE PURCHASES/ONLY PAYING MINIMUM PAYMENTS OR ONLY INTEREST
Potential financial loss.
RISK
Achieving higher education levels generally has this affect on salary and employment of an individual.
HIGHER SALARY/EMPLOYMENT RATE
In this economy, competition determines prices of goods.
MARKET ECONOMY (or capitalism)
Some examples are mortgages/rent, utilities, gas, insurance, savings, and entertainment
EXPENSES
The purpose of requesting a personal credit report is usually this.
TO MAKE SURE NO ONE HAS OPENED A FAKE ACCOUNT UNDER YOUR NAME
Name one way to protect yourself when hiring a professional to help you invest.
RESEARCH THEM (INVESTOR.COM)/MAKE SURE THEY ARE LICENSED/READ STATEMENTS EVERY MONTH/OBJECT IN WRITING WITHIN 10 DAYS OF DISPUTES
This has helped millions of military veterans pay for college, graduate school, and training programs.
GI BILL
An increase in gas prices would most likely affect consumer behavior in this way.
PEOPLE WOULD DRIVE LESS
A convenient way for people using online banking to make sure they pay bills on time.
AUTOMATIC PAYMENTS
This term describes how likely a lender will loan to an individual.
CREDITWORTHINESS
A share of ownership in a company.
STOCK
The skills, knowledge, and experience possessed by an individual, viewed in terms of their value to a business.
HUMAN CAPITAL
Increasing the supply of a product would generally do this to the price.
LOWER/REDUCE
A penalty for withdrawing more from your account than what you had.
OVERDRAFT FEE
Paying less than the minimum on a credit card bill can result in this.
LOW CREDIT SCORE/DIFFICULTY IN OBTAINING LOW INTEREST RATES
A reason for individuals to use mutual funds to meet their financial goals.
EASILY REDEEM SHARES ANY TIME/DIVERSIFICATION/PROFESSIONAL ADVICE/AFFORDABLE
A person who is learning a trade from a skilled employer, having agreed to work for a fixed period at low wages.
APPRENTICE