Exam Flash Cards
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Price at a point where the amount supplied equals the amount demanded. | Equilibrium Price
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Consumers will generally buy less of a product at a higher price than a lower price; consumers are demanding. | Law of Demand
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The higher the price of a product the more they'll supply & the lower the price the less they'll supply. | Law of Supply
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Basic economic decisions are based on the actions of the buyers & sellers. | Market Economy
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Amount of money given or asked for when goods & services are bought or sold. | Price
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Temporary under-supply of an item. | Shortage
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Over-supply of an item. | Surplus
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Things you own that have value. | Assets
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Statement listing your assets, liabilities, & net worth. | Balance Sheet
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Two part statement listing cash income, cash expense, cash saving, & cash deficit. | Cash Flow Statement
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Negative cash flow in which monthly cash incomes are less than monthly cash expenses. | Deficit
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Cash expenses that stay relatively stable. | Fixed Expenses
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Amounts you owe to others. | Liabilities
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Total assets minus total liabilities. | Net Worth
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Cash expenses that can change a lot from month to month, by choice. | Variable Expenses
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A natural talent. | Aptitude
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Activities of an individual or group involved in producing and distributing goods & services to customers. | Business
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Can be physically weighed & measured. | Goods
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Necessary wants; things we must have in order to survive. | Needs
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Cost of choosing one things over another. | Opportunity Cost
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Anything that people can use to make or obtain what they want or need. | Resource
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Tasks that people or machines perform. | Services
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Things we wish we could have. | Wants
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All items, other than natural, used to produce goods & services. | Capital Resources
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Set of rules by which a nation decides how to distribute its resources to satisfy people's wants. | Economic System
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The initiation to combine natural, human, & capital resources to produce goods & services. | Entrepreneurship
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People who contribute the physical & mental energy to the production process. | Human Resources
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Another term for human resources. | Labor
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Cannot be replaced. | Nonrenewable Resources
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Can be replaced by themselves or by the efforts of others. | Renewable Resources
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Lack of something that can be used to satisfy the wants of an individual or group; always exists. | Scarcity
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Consists of nothing more than your signature. | Blank Endorsement
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Restricts the use of the check so it must be deposited into your account. | Restrictive Endorsement
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Used to transfer a check to another person. | Endorsement in Full
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Any checks that are written but not cleared. | Outstanding Checks
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To balance your checkbook. | Reconcile
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Amount of time it will take for your money to double when place in a savings account at a given interest percentage. | Rule of 72
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How quickly and conveniently you can retrieve your money from an investment. | Liquidity
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Money received by you. | Income
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Period of severe economic decline. | Recession
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Very severe recession that lasts for several years. | Depression
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First economic indicator; dollar value of all final goods & services produced in the United States in a single year. | GDP (Gross Domestic Product)
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Second economic indicator; prolonged rise in the level of prices for goods & services that reduces the purchasing power of money. | Inflation
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Third economic indicator; percentage of the unemployed work force looking for jobs. | Unemployment Rate
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Replaced by GDP; not only the United States. | GNP (Gross National Product)
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Most economic resources & business are owned by individuals or groups rather than public businesses. | Private Enterprise System
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Contest between businesses to win customers. | Competition
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Amount of money left over after a business pays for the cost of producing goods & services. | Profit
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Businesses act in a responsible & fair way toward their employees & society. | Social Responsibility
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If there are so few firms selling one kind of product, there is no competition. | Monopoly
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Receives a monthly statement, accessible through ATM's, low interest rates, & easily accessible. | Statement Savings Account
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Certifies that you loaned money to the government or a corporation & outlining the terms of payment; are IOU's. | Bonds
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Professionally managed portfolio's made up of stocks, bonds, & other investments. | Mutual Funds
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Represents ownership of a corporation; stockholders own shares & are entitled to a share of the profits. | Stocks
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Retirement plan that allows you to contribute to a savings plan from your pre-tax earnings that your employer may match. | 401 (k)
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Earnings on the account are tax free after five years. | Roth IRA
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Gaining an amount as a return on an investment. | Yield
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Government charge on earnings or other sources of income. | Income Tax
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Money raised through this fund is used to pay retirement benefits. | Social Security Tax (FICA)
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Money is used for health & hospital insurance; people 65 and over. | Medicare
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Hidden or built in tax that is a certain percentage of the price. | Excise Tax
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Tax on imported goods that are collected by the federal government. | Tariff
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All individuals pay this on wages & salaries; withheld from your check. | Federal Income Tax
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Different branch of government gets your money. | State Income Tax
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Goes to the city you live in. | City Income Tax
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Varies from state to state; doesn't affect the price of food. | General Sales Tax
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Local government gets most of the money for items owned by people or businesses. | Property Tax
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Left at the time of someone's death. | Estate & Inheritance Tax
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Tax on things you receive from others; can't give money away without being taxed. | Gift Tax
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Impose a higher percentage rate of tax on people with higher incomes. | Progressive Tax
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Item or activity that is the source of the tax. | Tax Base
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Property offered & pledged to secure repayment of a loan & subject to seizure should the borrower default. | Collateral
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Measure of your financial worth. | Capital
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Income available to make repayment. | Capacity
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Involves your honesty & reliability in meeting financial responsibilities. | Character
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Protection against inflation; more in the past. | Real Estate
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Restricted access to your money, withdrawal penalty if passed expiration date, no risk, no fees, higher interest, & simple. | Certificate of Deposit (CD)
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Legal process to get out of debt when you can no longer make all of your required payments. | Bankruptcy
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Profit from sale of capital assets such as stocks, bonds, & real estate are tax deferred. | Capital Gain
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Calculated on the combined total of the original sum borrowed & the interest it has already accrued. | Compound Interest
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Created by:
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