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Economics final

QuestionAnswer
What are the four factors of production? Land, Labor, Capital and Entrepreneurship
Why do we need to make economic choices? We can't have everything we want
What is the basic problem of economics? Scarcity
To an economist, what is a want? Something that is not necessary for survival
What is a “trade off:? To exchange something for something else
What is the possibility curve that shows choices between military and civilian goods called? Production Possibilities Curve
What is a system by which goods and services are produced called? Economic system
When it comes to managing money how much is head knowledge and how much is behavior? 20% and 80%
List the 5 foundations to financial freedom. Save $500 for emergency fund, get out of debt, pay cash for a car, pay cash for college and build wealth and give
Define Compound interest. Is interest over interest.
What is a sinking fund? Saving up for big purchases you will make in the future.
What is an overdraft? When you want to buy something that costs 50 dollars but you only have 40 and so the bank lets you borrow the 10 dollars.
What is a zero based budget? You earn 1000 dollars every month, you have to plan out how much for rent, how much for groceries, etc, at last it has to give you 0! Not 10 or -10.
What is a detailed history of an individual’s credit history called? Credit report
What does a FICO score measure? The possibility for you to pay back something you loan.
List FOUR ways to get out of debt. Debt snowball, make a budget, plan a repayment strategy and understand your debt
A decrease or loss of value (such as a car) over time is called what? Depreciation
Which government form must be completed annually by college students to determine their eligibility for financial aid? FASFA
What is a two year degree called? A Four year degree? Post graduate degree? Associate’s Degree, Bachelor’s Degree and Postgraduate Degree (Master’s or Doctorate).
List three options for paying for higher education. Scholarships, Grants and Student loans
List four different types of retirement plans. 403b, ROTH IRA, 401k and IRA
List three different credit reporting agencies. Equifax, Experian and TransUnion
What is a 401K? Exployer sponsored retirement plan. When you take the money out of 401k you will have to pay all the taxes you didn’t pay before.
What is a piece of ownership in a company called? A stock
What are three qualities of a ROTH IRA? Tax-free growth, flexible money and that anyone can open an ROTH IRA.
Created by: Sillyflamingo
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