Economics and Financial Literacy Vocabulary

Fill in the blank: __________ is the branch of knowledge concerned with the production, consumption, and transfer of wealth.

• Economics

• Biology

• Geography

• Physics

Fill in the blank: __________ is understanding how money works and how to manage it effectively. It's about having the knowledge and skills to make informed decisions about your money, from budgeting and saving to investing and managing debt.

• Financial literacy

• Physical education

• Environmental science

• Art history

Fill in the blank: __________ is the rate of increase in prices over a given period of time.

• Inflation

• Deflation

• Stagnation

• Depreciation

Fill in the blank: __________ are tangible, physical items that can be seen, touched, and stored, while __________ are intangible activities that provide utility or value to the consumer without any physical transfer.

• Goods; services

• Services; goods

• Products; materials

• Assets; liabilities

Which of the following is an example of a good?

• Healthcare

• Food

• Education

• Entertainment

Which of the following is an example of a service?

• Clothing

• Electronics

• Healthcare

• Food

What is the Consumer Price Index (CPI)?

• The lowest wage permitted by law

• A key economic indicator used to measure inflation, which is the rate at which the general level of prices for goods and services is rising, and consequently, the purchasing power of currency is falling

• The minimum wage for tipped employees

• The minimum wage for youth employees

Fill in the blank: The lowest wage permitted by law or by a special agreement (such as one with a labor union) is called the _________.

• minimum wage

• living wage

• overtime pay

• salary cap

What is the general minimum wage in the state of Illinois?

• $9 per hour

• $13 per hour

• $15 per hour

• $10 per hour

• 9

• 7.25

• 10.50

• 12