5th - Personal Finance

Front

What is the definition of ECONOMY?

Back

The way a country manages its money and resources (such as workers and land) to produce, buy, and sell goods and services.

Front

What is the definition of TAXES?

Back

a percentage of a persons income or salary that goes to the government

Front

What is a type of tax? Options: work tax, sales tax, regular tax, school tax

Back

sales tax

Front

What is the definition of a consumer?

Back

a person who buys or uses a good or service

Front

What is the definition of demand?

Back

the amount a consumer is willing and able to buy at each possible price

Front

What is an example of a good?

Back

a car

Front

What is an example of a service? Options: a boat, a teacher, a tire change, gas

Back

a tire change

Front

What is the definition of a good?

Back

a product that can be produced, bought, and sold

Front

What is the definition of price?

Back

the amount of money or goods that you have to give up to buy a good or service

Front

What is the definition of service?

Back

the performance of labor for the benefit of another person