Unit 5

Vocab

100

What is saving?

Putting money aside for later 

200

What is supply?

how much of a product sellers are willing to sell at different prices

300

What is demand 

The amount of a good or service that people are willing to buy at different prices during a given time

400

What is opportunity cost 

choosing one thing over another 

500

what is trade off

what you give up when you make a choice 

Economics

100

What is economics 

the study of how people choose to use their limited resources

200

What term forces people and nations to make economic choices

scarcity 

300

What are the three economic systems 

Market 

Traditional 

command 

400

What are the three types of resources 

Natural 

labor 

capital 

500

What type of economic system does the US use?

Market/Mixed market 

Government role

100

What is income inequality 

uneven amount of wealth within a population 

200

What is welfare 

aid given to the poor in the form of money or necessities 

300

What is the negative impact of income inequality 

People can get stuck in poverty 

400

Who would make more money someone with a bachelor's degree or a masters

Masters

500

What are the three causes of income inequality 

Education 

Family wealth 

discrimination 

Personal Finance

100

What is consumerism 

is the movement to educate buyers about the purchases they make 

200

What is an impulse buyer? Name 2 of the 4 ways 

Do you buy things you do not need or do not want 

Does buying things make you feel better

Do you quickly lose interest in items you have bought 

Do you often borrow money from friends because you have spent yours

300

What is this chart showing?

Part-time job $420

 Allowance $50

 Miscellaneous $0

 Gifts $25

 Extra Chores $0

 Total $495

Income 

400

What is this chart showing?

Taxes $24 Savings $50 Transportation $0 Gas $50 Repair $2 Insurance $25 Clothes $50 Personal Items $50 Gifts $50 Chairty $0 Entertainment $50 Total $351

Expense

500

Name 4 of the 8 consumer rights 

1. The right to safety 

2. The right to be informed 

3. The right to choose 

4. The right to be heard 

5. The right to redress 

6. The right to environmental health 

7. The right to service 

8.The right to consumer education 

Random

100

What is a deficit?

When you spend more money than you make 

200

What is a surplus 

When you make more money than you spend

300

According to the consumer’s right to be informed, consumers have the right to.. 

have protection from misleading information 

400

True or False 

Banks and credit card companies check a person’s financial history before deciding whether to offer credit to
that person

true 

500

In a market economy, how would consumers most likely respond to a rise in the price of clothing?

consumers would buy few items