Loans for personal, large expenses.

A loan used to buy property, usually a house.

A plan for spending and saving, based on one's income and estimated expenses

A loan in which the borrower promises to pay the lender interest over time, and then the original loan at the end.

Investments that include ownership in a business

Happy times for stock investors

A group of investments chosen and managed by a group of professional fund managers.

Money in bank checking accounts

Using your savings to earn more money

Interest paid not only on the original amount but also on all interest earned by those savings.

Percentage of increase/decrease in the value of savings from earned interest

The equation to find the number of years until an investment doubles

A bond issued by a state or local government to raise funds

A bond issued by a corporation to raise money

Profit split between investors.

The study of how people choose to use their limited resources to satisfy their unlimited wants.

A system used to manage limited resources for the production, distribution, and consumption of goods and services.

The exchange of one benefit or advantage for another that is thought to be better.

Cost-benefit analysis

A way to compare costs of an action with the benefits of that action. If benefits exceed costs, then the action is worth taking.

Why is what we want scarce?

Because humans have limited resources but unlimited wants and needs.

Physical objects produced for sale. Examples: pencils, books, pens

Activities done by others for us. Police officers, janitors, and teachers all provide services.

The condition that results from people having unlimited wants but limited resources. Is permanent

A lack of something that is desired. It is temporary.

Materials that come from the earth

The exchange of one benefit for another.

Cost of the next best alternative when one choice over another

Law Of Diminishing Marginal Utility

Rule that the additional joy a consumer gets from buying one more unit of a product will lessen with each singular unit purchased

An economic system in which decisions about production and consumption are based on custom and tradition. Barter

An economic system in which economic decisions are left up to individual producers and consumers. Minimal government

An economic system in which both the government and individuals play important roles in production and consumption; most modern economies

free enterprise system

An economic system in which the means of production are mostly privately owned and operated for profit

The money earned by a business after subtracting its operation costs.

Economics and Finance Basics Flashcards

Student preview

45 questions

Show all answers

1.

FLASHCARD QUESTION

Front

credit card

Back

A card that lets the user buy goods and services with funds they don't have.

2.

FLASHCARD QUESTION

Front

debit card

Back

A card that lets the user spend their funds from their bank account. It can be used to buy goods or services or to withdraw money directly from an account.

3.

FLASHCARD QUESTION

Front

saving

Back

Setting aside a portion of income for use in the future

4.

FLASHCARD QUESTION

Front

interest

Back

The extra price paid for borrowed money

5.

FLASHCARD QUESTION

Front

diversification

Back

A method of lowering risk by investing in different financial assets.

6.

FLASHCARD QUESTION

Front

loan

Back

A lender gives money to a borrower, who agrees to repay the money (with interest) at some point in the future.

7.

FLASHCARD QUESTION

Front

credit

Back

What allows a person to borrow money. Also affects interest rates.

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