Money
Anything that serves as a medium of exchange, a measure of value, and a store of value.
What is money/currency?
Government fees (charges) on purchases, income, real estate, and other economic goods/activities.
What are taxes?
Total amount of income prior to taxes being taken out.
What is gross income?
Things to consider when looking into getting a credit card.
What are APR, annual fees, other fees, grace period, and credit limit?
Animal commonly used to represent when a market is doing well.
What is bull?
The four characteristics of money.
What is portability, durability, divisibility, and scarcity?
Type of tax where percentage paid increases relative to income or value.
What is a progressive tax?
What is net income?
FDIC stands for:
What is Federal Deposit Insurance Corporation?
When supply of a good exceeds the demand for that good there is a _____________
What is a surplus?
"Legal tender" backed by government decree.
What is fiat money?
Type of tax where percentage paid decreases relative to income or value.
What is regressive tax?
Amount left after taxes, deductions, and general expenses are deducted.
What is disposable income?
Type of interest calculated using the equation:
I=p x r x t
What is simple interest?
The joining of two or more firms competing in the same market with the same good or service.
What is a horizontal merger?
Something that keeps its value if it is stored rather than used.
What is store of value?
Four criteria for effective taxes.
What are equity, simplicity, efficiency, and certainty?
A loan that enables you to buy a house.
What is a mortgage?
Interest paid on original principal and additional interest paid.
What is compound intested?
Type of policy meant to decrease the money supply.
What is contractionary monetary policy?
Anything that is used to determine value during the exchange of goods and services.
What is medium of exchange?
Type of policy that deals with taxation and government spending. (Think about last unit)
What is fiscal policy?
One type of savings account is called a CD. This stands for ______________________
What is Certificate of Deposit?
Borrowing money to pay for something now that you will pay back at a later date
What is credit?
Type of policy meant to increase output.
What is expansionary fiscal policy?