Economics

This sector of the economy collects taxes to pay for goods and services that private businesses don't provide.

• Business sector

• Household sector

• Government sector

• Banking sector

True or False: People can ONLY be consumers, NOT producers.

• True. People can only be consumers.

• False. People can be both consumers and producers.

The United States has a ________________ economy.

• democratic

• market

• innovative

• open trade

_________________ between companies is good for consumers because it helps keep prices lower.

• Fair trade practices

• Communication

• Competition

When a person makes a plan of how to manage their money, its called a ---------------------------------------------.

• budget

• personal economic choice

• credit card

• debt

The 2 main parts of a person's budget are:

• income and savings

• income and expenses

• checking account and savings account

True or False: The goal of a budget is to balance a person's income with their expenses.

• True

• False

______________ is money that you owe when you buy something by borrowing money.

• Debt

• Credit

__________ is money that is loaned that you must pay back.

• Credit

• Debt

What a person does with their money is called a ______________________.

• loan

• personal economic choice

• debt

• credit card