Economics Test Review

Having a limited resource, service, product, or good

• Scarcity

• Debt

• Expenses

• Income

The relationship between the amount of products to buy and the amount of people that are willing to buy it

• Taxes

• Free Market Economy

• Economy

• Supply and Demand

People choose what to buy and sell, which determines the prices and amount of goods

• Income

• Economy

• Free Market Economy

• Capitalism

The system of how money is made and managed within a society

• Monopoly

• Economy

• Finances

• Capitalism

Money that is paid to the government to provide services

• Debit

• Credit

• Income

• Taxes

The money a person earns for their work

• Expenses

• Income

• Budget

• Debit

Things you have to pay for

• Profits

• Income

• Expenses

• Debt

Buying things with money you do not have and promising to pay it back

• Credit

• Debit

• Debt

• Income

A plan for spending money

• Supply and Demand

• Competition

• Debt

• Budget

The total amount of money a person owes

• Income

• Taxes

• Debt

• Expenses