Module 3 Review Economics

Front

What is the difference between a want and a need in this scenario? Jose is going to buy a car from a dealership. He has saved $15,000. He finds a car that is $12,500 that is used and 5 years old. There is another car he likes for $22,000. He is a full time student who will not be working fulltime while starting college.

Back

Affordable transportation is a need for Jose

Front

What is the difference between Net and Gross Income?

Back

Net is after taxes and Gross is before

Front

What is debt?

Back

Money you owe to someone or something else

Front

What is the difference between good and bad debt?

Back

Bad debt is when you can't afford payments. Good debt is affordable debt that builds up your responsible history of payments.

Front

What is inflation?

Back

When the price of goods and services goes up very quickly