Economics Study Review

A limited amount of money that someone earns for their work

• Labor

• Budget

• Income

• Savings

A plan for how much money will be spent on each type of item that a person needs

• Budget

• Income

• Opportunity Cost

• Comparison Shopping

If you want to buy something NOT in your budget you can ____ for that item.

• save

• labor

• spend

One reason given to you during class on why people should save their money

Most Americans live beyond their _____?

What a person gives up by choosing one thing over another ( This or That)

• Opportunity Cost

• Comparison Shopping

• Credit Cards

• Trade-Off

Looking for items that are similar to the one you want to buy

• Budgets

• Opportunity Cost

• Comparison Shopping

Credit or Debit Card?

A company will let you borrow money, which you must pay back when you receive a bill

• Credit

• Debit

This lets you spend money from your checking account without writing a check.

• Credit

• Debit

People have to work to make money, their work is called?

• Money

• Income

• Labor