household
Made up of people who play an important role in our economy.
What is a household?
Actions provided by private businesses that members of households pay for.
What are services?
A part of the economy
What is a sector?
Give at least two examples of public services.
What are libraries, post offices, schools, roads, or city parks?
Allows citizens to save money and earn interest.
Money made by a member of household for selling his/her labor.
What is income?
Creates goods and services that households/consumers want and need. Also provide jobs and income.
What is private business?
Something that is made or produced and then sold to a customer.
What is a good?
Providing checking accounts, savings accounts, and loans is the function of
What is a bank?
Allows citizens to withdraw funds to purchase goods/services by using a debit card or check
What is a checking account?
Items private businesses make for members of households to purchase.
What are goods?
Work people do to earn an income.
What is labor?
Goods or services typically provided by the government that anyone may use.
What are Public Services?
The tax collector for households and businesses.
Who is the Government?
The extra money a business or person has left over after paying their expenses.
What is a profit?
Members of households do this for private businesses in exchange for an income.
What is selling labor?
A person or company that sells goods or services.
What is a business?
Money that citizens pay to the government.
What are taxes?
Taxes are due on
When is April 15?
Gives money to people for large purchases such as cars or house in return for a set interest payment.
What is a loan?
The exchange of goods and services plays an important role in keeping this strong.
What is the economy?
When a person has enough income to pay all of their expenses.
What is "Making Ends Meet"?
What are the four major sectors of the economy?
What are banks, government, households, and business?
Collects taxes and provides public services such as schools, roads, etc.
What is the Government?
Interest that benefits the bank.
What is interest paid on a loan or credit card?