Econ Chapter 1 Vocab Foundations Digital

Front

Asset

Back

Anything of value that is owned

Front

Scarcity

Back

Unlimited wants but limited resources

Front

Budget

Back

A monthly plan for saving and spending income.

Front

Simple interest

Back

Interest only on the principal investment

Front

Compound interest

Back

Interest on an investment and any previously earned interest.

Front

Personal finance

Back

All the money decisions a family makes.

Front

Consumer

Back

Person or organization that purchases a product or service

Front

Nonprofit organization

Back

Federally recognized, tax exempt organization like a church or hospital

Front

Credit

Back

The granting of a loan and creation of debt

Front

Net worth

Back

Total value of a person's assets - liabilities