Credit & Loans
This type of credit has a fixed term and payments.
What is a closed-end installment loan?
This insurance pays a benefit to beneficiaries after death.
What is life insurance?
The study of how people make choices with limited resources.
What is economics?
An economy based on tradition and customs.
What is a traditional economy?
The amount of a good consumers are willing to buy.
What is demand?
This type of credit allows repeated use up to a limit.
What is open-end credit?
Insurance that covers medical expenses.
What is health insurance?
A basic problem of economics: limited resources vs. unlimited wants.
What is scarcity?
An economy controlled by the government.
What is a command economy?
The amount of a good producers are willing to sell.
What is supply?
A number that reflects your creditworthiness
What is a credit score?
This type of insurance protects your income if you can't work.
What is disability insurance?
The value of what you give up when making a choice.
What is opportunity cost?
An economy where decisions are made by consumers and businesses.
What is a market economy?
The point where supply and demand meet.
What is equilibrium?
The cost of borrowing money, expressed as a percentage.
What is an interest rate?
Insurance covering assistance for chronic illness or old age and pay for services like nursing homes or in-home care.
What is long-term care insurance?
Natural, human, and capital are types of these.
What are resources?
A combination of government and market forces.
What is a mixed economy?
A market structure with many sellers and identical products.
What is perfect competition?
A plastic card that lets you borrow money and pay it later.
What is a credit card?
Planning how your assets will be managed after death.
What is estate planning?
The benefit of focusing on one task to improve efficiency.
What is specialization of labor?
Government laws to prevent monopolies and promote fairness.
What are antitrust laws?
A market with one major seller controlling prices.
What is a monopoly?