Quiz Week 8/9

Match the following

• Current US Dollar (Bitcoin)

• Gold Standard

• Salt for Honey

  Car for Spinach

• Fiat Money

• Air,Shelter, Food/

  a ring, Candy, Mansion

• Wants/and/ Needs

• US money in the past (before)

• Representative Money

• US money in the past. Checks=G&S

• Commodity Money

What are wants? Economics.

• Needs of individuals that can be satisfied by consuming goods or services.
• Goals set by individuals to achieve financial stability.
• Desires of individuals that can be satisfied by consuming goods or services.
• Preferences of individuals that are not related to consuming goods or services.

What are needs? Economics.

• Needs in economics are desires that can be satisfied through consumption.
• Needs in economics are only related to physical items.
• Needs in economics are not considered in economic analysis.
• Needs in economics are goods or services essential for survival or well-being.

Define income. Economics.

• Income is the money spent by an individual or business on various expenses.
• Income is the money borrowed by an individual or business from financial institutions.
• Income is the money earned by an individual or business from various sources such as wages, salaries, profits, rents, and interests.
• Income is the money saved by an individual or business for future investments.

Households. Economics.

• Households are a concept in biology that represent different species living together in an ecosystem.
• Households are a fundamental concept in economics that represent individuals or groups of people living together, playing a key role in consumption, labor supply, and savings/investment.
• Households are a term used in architecture to describe the physical structure of a building.
• Households are a type of appliance used in kitchens for cooking and cleaning.

Purchasing Power. Economics.

• Purchasing power is the amount of goods and services that can be purchased with a unit of currency.
• Purchasing power is not affected by inflation.
• Purchasing power is the same as income.
• Purchasing power is the ability to buy anything without any restrictions.

Circular Flow Model. Economics.

• Circular Flow Model is used in psychology
• Circular Flow Model in economics shows the flow of goods, services, and money between households and firms.
• Circular Flow Model represents the flow of goods only
• Circular Flow Model is a recent concept in economics

Benefit of Debit cards.

• Convenient access to funds and secure transactions without carrying cash.

• Limited acceptance at merchants and online retailers
• Increased risk of fraud and identity theft
• Unlimited spending limit and no need to track expenses

First step before saving is...

• singing a song
• checking the weather forecast
• dancing in the rain
• Setting a financial goal