Economics - 7th Grade

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

• Credit Card

• Debit Card

• EBT/SNAP Card

• Visa gift Card

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

• Insurance

• Interest

• Taxes

• Expenditures

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)

• Economic Crisis

• Surplus

• Scarcity

• Anomaly

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

• financial organizing.

• investing.

• playing the stock market.

• budgeting.

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

• Gross Salary

• Net Salary

• Flex Salary

• Hourly pay

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

• Government Stock Exchange or GSE

• Gross Production in Business or GPB

• Gross Domestic Product or GDP

• Gross Business Investments or GBI

If prices are increasing that is referred to as

• Cyber Monday

• Inflation

• Super Tuesday

• Deflation

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

• Inflation and Deflation

• Cost and Expenses

• Principal and Interest

• Supply and Demand

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

• insurance.

• taxes.

• inflation.

• interest.

Minimum Wage in Missouri as of 2025?

• $13.75

• $10.30

• $11.15

• $7.25