Jobs & Income
What is money earned from a job called?
Income
What happens when supply decreases?
There is less available
What is planned spending?
Spending you prepare for
What is credit?
Borrowing money
What is saving?
Keeping money for later
What is spending?
Using money
What does labor mean?
Work someone does
If supply goes down, what happens to price?
It increases
Buying things without planning is called what?
Unplanned spending
When do people use credit?
When they don’t have enough money
Name one reason to save
Emergency / future
What is income?
Money earned
If you work more hours, what happens to your income?
It increases
A hurricane destroys crops. What happens to supply?
It decreases
What is a benefit of planned spending?
You get what you saved for
Do you pay back more or less than borrowed?
More
How does saving help you?
Prevents needing credit
What is charitable giving?
Helping others with money
Explain how labor and income are connected
Work = money earned
Why do prices increase when items are scarce?
Less supply = higher demand
What is a cost of unplanned spending?
Running out of money
What is interest?
Extra money paid back
What is a savings plan?
Plan to save over time
Name 3 financial decisions
Income, saving, spending, credit, giving
John works 40 hours at $18/hour. How much does he earn?
$720
A storm destroys orange trees. Name TWO effects
Supply decreases & price increases
Give an example of planned AND unplanned spending
(Students explain both)
Why can using credit too much be dangerous?
Debt / paying more money
Why is saving important for college?
Helps pay for future education
Why is it important to balance spending, saving, and giving?
To manage money wisely