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5th SS Unit 10
Personal Finance
| Question | Answer |
|---|---|
| The study of the economy | economics |
| Produce, sell, buy goods. (Main job is to buy goods and services) | PRIVATE business |
| Allow people to PLAN how to spend their $. (people should spend less than they earn) | personal budget |
| make demands on businesses by deciding which goods to purchase. | Households |
| offer checks and credit cards to people, which are alternatives to using cash to pay for things. | Banks |
| people have this and they keep their money in the bank, but can still use it to purchase items by using a debit card | checking accounts |
| Trustworthy people can borrow money from the bank in the form of______________ (used to purchase expensive items such as cars and houses. ) | loans |
| Banks are able to make loans because they do this | charge fees for using check and ATM cards. |
| People make choices about what to spend their money on. If a company raises the price of an item, _______ people would be likely to purchase the item. | fewer |
| increases the different types of goods that are available for people to purchase. | Trade |
| If a person gets hired to work at a grocery store to earn $10.00 per hour, he is selling his_______ (work) in exchange for a ______ ($), or income. | labor, wage |
| take risks and does not know if their new businesses will make money or not. | Entrepreneurs |
| There is _________________in a market economy. | competition |
| To best handle to competition in a market economy, someone should consider_____________ or gaining special knowledge in an area. | specializing |
| is the benefit that a person could have received, but gave up for another option. | Opportunity cost |
| You have $20 and are trying to decide whether to buy a new shirt, or new shoes.but can only buy one, you decide to buy the shoes. The ___________ __________ of your decision to buy the shoes instead of the shirt. | opportunity cost |
| the act of buyers and sellers freely and willingly engaging in market transactions. | Voluntary exchange |
| If there is more than enough of a good (cost will decrease because it is easy to get the good) | surplus |
| the important process to make sure that the Constitution changes as the world changes is called | amending the Constitution |
| The Constitution can be amended 2 ways | 1.By Congress with 2/3 vote in BOTH the House of Rep and Senate 2. By a convention of states called for by two-thirds of the state legislatures. |
Created by:
tmixon13
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