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5th SS Unit 10

Personal Finance

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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