Economics - 7th Grade

Front

A card in which you borrow money that you agree to pay back later.

Back

Credit Card

Front

Money that is paid to the government on products, property, and the money you earn is called

Back

Taxes

Front

When there is a lack of resources to sell, such as a shortage on toilet paper during Covid, this is referred to as a(n)

Back

Scarcity

Front

Creating an organized plan as to where the money you earn on a regular basis will be allocated is called

Back

budgeting.

Front

The total money you earn BEFORE taxes and insurance are taken out.

Back

Gross Salary

Front

The total amount of products made and services provided in a country within a year is called

Back

Gross Domestic Product or GDP

Front

If prices are increasing that is referred to as

Back

Inflation

Front

An economic principle basing prices on the amount of products available and how much those products are wanted by people.

Back

Supply and Demand

Front

When you borrow money, you not only have to pay the money back, but you often have to pay an additional fee called

Back

interest.

Front

Minimum Wage in Missouri as of 2023?

Back

$12.00