Economic Reasoning Wk 1 vocab

How can a credit card be used for purchases?

• In person, over the phone, or online

• Only in person

• Only online

• Only over the phone

What must be done with the debt accrued on a credit card?

• It must be repaid later

• It is automatically forgiven

• It earns interest for the user

• It is converted to savings

What is a deductible?

• The amount your insurance company pays before you pay anything

• The amount you pay out of pocket before your insurance company covers the remaining costs

• A fee paid monthly to maintain insurance coverage

• A penalty for filing a claim

Something that you desire but is not entirely necessary

• accrued debt

• need

• a present

• want

something necessary for survival

• opinion

• a want

• a need

• a gift

state of being in short supply of something, the demand outweighs the supply

• opportunity cost

• scarcity

• Shortage

• demand

a financial plan for a specific period

• supply

• demand

• want

• budget

a three digit number that determines how trustworthy you are with repaying debts

• credit card

• credit score

• debt calculator

• need

a charge for borrowing money

• need

• want

• debt

• interest

a lack of resources resulting in not enough supply

• shortage

• scarcity

• resource allocation