Economics Test SST

Front

the study of the buying, making, and selling of goods and services

Back

economics

Front

The process of choosing one good or service over another. The item not chosen is the __________.

Back

opportunity cost

Front

If there are 4 pieces of pie and 3 people, is there scarcity?

Back

no

Front

I buy an apple at the supermarket. The apple is a

Back

good

Front

What is net income?

Back

Your take home pay. Gross income minus deductions

Front

What is gross income?

Back

The amount of money you make before deductions

Front

Deductions

Back

The money taken out of your pay (ie. taxes)

Front

What do you put in the INCOME part of your budget? Options: Deductions, Gross Income, Net Income, How much money you spend each month.

Back

Net Income

Front

What are expenses?

Back

The money that you spend

Front

What are Stocks?

Back

You own part of a company. You may earn a dividend where you get part of the company's profit. You want to buy this when the price is low and sell when it's high.