5th - Personal Finance

What is the definition of ECONOMY?

• The way a country manages its money and resources (such as workers and land) to produce, buy, and sell goods and services.

• a person who buys or uses a 

  good or service

• the amount a consumer is willing and able to buy

• the amount of money or goods that you have to give up to buy a good or service

What is the definition of TAXES?

• an amount of something available for use

• the cost of doing one activity instead of something else

• an amount of something available for use

• a percentage of a persons income or salary that goes to the government

What is a type of tax

• work tax

• sales tax

• regular tax

• school tax

What is the definition of a consumer?

• a person who takes the risk of starting and running his/her own business

• the amount of money or goods that you have to give up to buy a good or service

• a product that can be produced, bought, and sold 

• a person who buys or uses a 

  good or service

What is the definition of demand?

• a product that can be produced, bought, and sold

• the amount a consumer is willing and able to buy at each possible price

• money paid for goods and services

• the cost of doing one activity instead of something else

What is an example of a good?

• a plumber

• a dog

• a car

• a leg

What is an example of a service?

• a boat

• a teacher

• a tire change

• gas

What is the definition of a good?

• a product that can be produced, bought, and sold

• the amount of money or goods that you have to give up to buy a good or service

• money paid for goods and services

• the cost of doing one activity instead of something else

What is the definition of price?

• the industry involved with conducting financial transactions

• a person who takes the risk of starting and running his/her own business

• the customers for a particular product or service

• the amount of money or goods that you have to give up to buy a good or service

What is the definition of service?

• the total amount of money earned by a person

• the performance of labor for the benefit of another person  

• when two businesses work to get the same customers or resources

• an amount of something available for use