Conceptos Económicos Básicos

What is credit?

• The amount of money a person spends

• A monetary charge for the privilege of borrowing money

• An amount of money lent to a person that must be repaid with additional interest

• Money set aside for future use

What does interest mean in economic terms?

• Use money with the hope of getting more in the future

• The monetary charge for the privilege of borrowing money

• Products and materials that people want

• Actions that people take to gain an economic benefit

What is investment?

• The amount of money a person saves for future use

• Using money in the hope of getting more in the future by lending to companies in exchange for a share of the profits

• Financial assistance from a federal agency to carry out a public purpose

What is savings?

• The amount of money a person saves

• Setting aside income for future use

• A monetary charge for the privilege of borrowing money

• Products and materials that people desire

What does spending represent in economic terms?

• The amount of money a person spends

• The amount of money a person saves

• A monetary charge for the privilege of borrowing money

• Using money in the hope of getting more in the future

What are assets?

• Services that people perform to obtain an economic benefit

• Products and materials that people want

• A personal and financial risk taken by a person to start a business

• Financial assistance from a federal agency to carry out a public purpose

What is free trade?

• A personal and financial risk taken by an individual to start a business

• Products and materials that people want

• Trade between countries that is not restricted by tariffs or other barriers

• A tax based on a person's property

What is business risk?

• An tax based on a person's property ownership

• Products and materials that people want

• A personal and financial risk taken by a person to start a business

• Trade between countries that is not restricted by tariffs or other barriers

What are personal income taxes?

• A tax based on a person's property

• A tax based on a person's income; the main source of revenue for Georgia

• A tax on most items sold in retail stores

• Income of a state used to fund government services

What is property tax?

• A tax based on a person's property

• A tax based on a person's income

• A tax on most items sold in retail stores

• State revenues used to fund government services