Personal Finance Week 1&2

When we study about resources, how they are used, how they are produced and why we use them, then we are studying about?

• Economics

• Money Marketing

• Natural Resources

The United States currency, also called money, _____ backed by Gold

• is NOT

• is

A __________ resource is a resource made from nature, like water, oil, and food.

Who collects our taxes when we file them at the end of year?

• Congress

• Federal agencies

• IRS

What is the difference between a free good and a scarce good?

• They are the same

• A free good is when the supply is so high, that the price would be zero and a scarce good is when the supply is so low that the price becomes higher than normal.

• Free goods are things nobody wants so they are given away, Scarce goods are good that nobody wants but you still have to pay for it.

All of these answers are ways that money enters our life, what is the most common way?

• Our jobs (employment)

• Interest

• dividends

• rental income

Check all that apply. What things affect how much money we make at a job?

• Rate of taxes

• Benefits provided

• inflation and deflation

• Level of skill and/or knowledge that we possess.

What is an example of a capital resource?

• Money

• Trees

• Coal

• Dozers

__________ Resources are the people used to produce a good or provides a service.

• Human

• Capital

• Natural

• Money

If I trade you something that you need for something that I need, this is called?

• Marketing

• A good deal

• Bartering

• Smart