Budgeting
Necessities must be paid for regularly, but in more unpredictable amounts
Variable Expenses
Society not having enough resources to produce all the things people would like to have
Scarcity
12 month monetary value of all final goods produced within a country
GDP
Earliest economist
Adam Smith
comparing the benefits of an action to the expected costs
cost-benefit analysis
Necessary costs that usually occur monthly or annually
Fixed Expenses
Study of how people try to satisfy seemingly unlimited and competing needs and wants through use of scarce resources
Economics
land, capital, labor, entrepreneurship
factors of production
Wealth of Nations
Quality of life based on the ownership if necessities and luxuries that make life easier
standard of living
Spending plan for managing your money that includes income and expenses
Budget
tangible economic product that is useful
good
cost of the next best alternative use of money, time, or resources when one choice is made rather than another
opportunity cost
accumulation of products that are tangible, scarce, and have utility
Wealth
Income left over after all expenses are paid
disposable income
sum of tangible economic goods that are scarce
wealth
social movement that was aimed at promoting the interests of consumers
consumerism
type of market where all of the factors of production are bought and sold
factor markets
Whats the 50/30/20 rule
50% needs, 30% wants, 20% savings
Whats the acronym used by economist to describe how everything is not free?
TINSTAAFL, There is no such thing as a free lunch
economic output grows over time
economic growth
type of market where producers sell their goods and services
product market