Money: Saving, Spending and Scams

Economics is the study of

• how people get scammed

• how people provide goods and services for others to consume or use

• how recycling plastic can save the environment

• how banks charge interest rates

Natural resources are

• factories

• timber, coal, iron ore

• people

• bridges

Labour resources are

• a political party

• timber, water

• traffic lights, roads and parks

• people in the workforce

Which is good advice for saving and spending money?

• Spend all of your allowance as soon as you earn it.

• Use a budget to plan how much money you can save.

• Try to buy things that you want before the things that you need.

• Buy things you use only once, and then throw them out.

A typical interest rate on credit cards are:

• 8.25%

• 12.42%

• 16.75%

• 19.00%

Bill bought his dad a tie from K-Mart. In this example, who is the consumer?

• the clerk

• Bill's dad

• Bill

• the owner of the store

Which of the following is the most important factor in determining how much a consumer will spend?

• age

• size of income

• religion

• marital status

Name one successful Australian business?

Scarcity means:

• Not enough of a particular product or good

• Being terribly scared

• Missing out on a holiday if you buy a car

• Having too much of something

Debit Cards can be used like Credit Cards, however it is your money and you are not borrowing it from the bank.

• True

• False