Financial Literacy

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What is Financial Literacy?

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Financial Literacy is the ability to understand and manage your money effectively, including budgeting, saving, investing, and making informed financial decisions.

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What does it mean when something is expensive?

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Something is usually expensive if the demand is high and the supply is low.

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How much does Ellen earn if she rakes leaves for 2 hours a day for 2 weeks at $3 an hour?

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Ellen earns $84.

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What is a 'want'?

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A 'want' is something that you desire but do not need for survival, like a skateboard.

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What is a 'need'?

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A 'need' is something essential for survival, such as food, water, and shelter.

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What happens to prices when demand increases?

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When demand increases and supply remains the same, prices usually go up.

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What is a budget?

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A budget is a plan that helps you manage your money by tracking income and expenses.

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Why is saving money important?

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Saving money is important because it helps you prepare for emergencies and achieve future goals.

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What is the difference between income and expenses?

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Income is the money you earn, while expenses are the money you spend.

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What does it mean to invest money?

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Investing money means putting it into something (like stocks or a business) with the expectation of making a profit.