You have one year to start paying your student loans back after you graduate from college

Financial goals can be categorized as short term, medium term, and long term goals

Your credit card company automatically charges interest on all your purchases

If you don’t have the money in your bank account to cover a debit card purchase, you are charged an overdraft fee, usually around $25

A lender doesn’t get to choose whether they lend someone money. If they refuse, they can be sued for discrimination

When you are making your budget, you should use your

A 401(k) has tax deferred growth

You should probably carry your social security card at all times, in case you need to prove your identity

Which of these steps comes first when purchasing a car?

Saving a percentage of your income is important for all of the following reasons EXCEPT

Which of these is an example of a cost-benefit analysis?

Which of the following is NOT a way to reduce your student loan debt?

In which of the following situations is it NOT a good idea to share your social security number?

In Microeconomics, what is the fundamental problem facing all societies?

Which is not one of the three basic economic questions a society must face?

If something has scarcity AND utility

Author of Wealth of Nations, which said that competition and the free market guides resources to the most productive use

Which is NOT a characteristic of a Market Economy?

What type of economy does the United States have?

The term “factors of production” means:

Which of the following is not one of the factors of production?

Utility is the

When necessities have little value and non-necessities have a much higher value

You should start saving for your retirement when you turn 40

The study of how people try to satisfy what appears to be seemingly unlimited and competing wants using scarce resources.

Field of economics which studies the behavior of individual decision-making units

Field of economics which concentrates on the behavior of entire countries

The expression, "There's no such thing as a free lunch," implies that

This occurs when a nation's total output of goods and services increases over time

Everyone benefits when scarce resources are used efficiently

This takes place when work is arranged that individual workers do fewer tasks than before.

This takes place when factors of production perform tasks that they can do relatively more efficiently than others.

The cost of the next best alternative

Compares the cost of an action to the benefits received

In a free market economy, consumption and investment decisions

What is it called when you choose between two possible uses for a resource, giving up one alternative for another?

Which is NOT a characteristic of a Market Economy?

What type of economy does the United States have?

A garbage truck driver is an example of which Factor of Production?

Iron, minerals, coal and plants are examples of which productive resource?

The following items (accountant's computer, carpenter's drill, and a tailor's sewing machine) are all examples of which factor of production?

Which is an example of investment in human capital?

In the circular flow, there are two distinct markets. What are they?

In this figure, an inefficient use of resources is represented by point

In this figure, which of the following points would the economy choose to enhance production (that is, which point is best for investment purposes)?

Point X Represents

In the figure, full employment is shown with

The Various Quantities of a good or service that consumers are willing and able to buy at different prices at a particular time

The Various Quantities of a good or service that producers are willing and able to sell at different prices at a particular time

Law of Demand: As Price increases, Quantity Demanded __________

Law of Supply: As Price increases, Quantity Supplied __________

A listing that shows the various quantities of a particular product at all prices that might prevail in the market at a given time

The movement depicted by the arrow is

The movement depicted by the arrow is

The movement depicted by the arrow is

The movement depicted by the arrow is

Pepsi raises their prices, the demand for Coke will increase

People move to a city and demand at local restaurants increases

The government sends everyone money so consumer demand increases

A company hires a celebrity to advertise for their product

Hot dogs are on sale so the demand for hot dog buns increases

Snow storm is coming so demand for bread and milk increases

A new law requires our company to comply with environmental rules

The price of fuel goes up so a company pays more for materials

A company holds back supply because they expect prices to rise

A company buys a machine to make production more efficient

The government makes payments to electric car manufactures to increase production

A company turns off the WiFi because workers have been distracted on Facebook

Another producer enters the space so market supply increases

A given change in price causes a relatively larger change in quantity demanded

A given change in price causes a relatively smaller change in quantity demanded

A given change in price causes a proportional change in quantity demanded

Yesterday, the price of candy was $3 a bag, and Sam was willing to buy 10 boxes. Today, the price has gone up to $4 a bag, and Sam is now willing to buy 7 bags. Is Sam's demand for candy elastic, inelastic or unit elastic?

Yesterday, the price of gas was $3 a gallon, and Taylor was willing to buy 12 gallons. Today, the price has gone up to $3.30 a gallon, and Taylor is still willing to buy 12 gallons. Is Taylors demand for gas elastic, inelastic or unit elastic?

Which of the following is NOT a question you can use to estimate demand elasticity?

An account of a person’s education, qualifications, and previous experiences.

A plan for future spending and saving

Identifying the cost of meeting future needs and goals

Measuring the expense of two or more goods or services in an effort to find the best value.

Deciding whether a purchase is worth the expense

Money paid at the time of a purchase

Payment received for goods or services, including employment

Receiving a loan for a large purchase

Cost Paid to secure a good or service

Unpaid Loan(s)

Tell lenders how risky it is to lend to a borrower

The ability to obtain goods or services before payment, based on the trust that a payment will be made in the future

An analysis made by a lender when deciding whether or not to lend money to a customer

The minimum amount paid to avoid a late fee

The amount you owe your credit card company

The same every month

Money coming in and out

Something you own that makes you money

Something that costs you money

Different every month depending on price and amount spent

Social Security (6.2%)

South Carolina's cut of what you make

The United States' cut of what you make

What you are paid before deductions are taken out

The money you make after deductions are taken out

Loaning money to the government

A share of ownership in a company

Savings certificate issued by a bank or credit union

A collection of investments that are professionally managed in a portfolio

A savings account specifically for college