Financial Literacy Study Guide

The physical or mental work that you do is known as

• income

• labor

• scarcity

• credit

When there is a low supply and high demand, this is an example of

• availability

• scarcity

• credit

• income

_____ is money earned from work, investments, or business.

• income

• labor

• scarcity

• credit

When there is a low supply and high demand, how does that affect the price of items?

• the price stays the same

• the price will increase

• the price will decrease

What are some factors that affect someone's income? Choose all that apply.

• years of experience

• what sports they played in high school

• level of education

• additional skills or training

• the number of friends a person has

When there is a high supply and low demand, how does that affect the price of items?

• the price stays the same

• the price will increase

• the price will decrease

_____ is buying now with the promise to pay it later, usually paid back with interest.

• credit

• service

• scarcity

• charity

Which of the following is NOT an example of a need?

• food

• PlayStation5

• water

• shelter

• clothes

_____ are something fun to have but you can live without.

• needs

• wants

• availabiltiy

• scarcity

Which of the following is NOT an example of a want?

• shelter

• puppy

• chemistry set

• Pokemon cards