Ch. 21 Economics

A budget helps you by (choose 3 answers)

• organizing personal finances

• makes you spend your money impulsively

• manage your cash flow

• making personal economic decisions for the present and future

• making sure your finances are not balanced

Cost is

• a plan of how to use income

• what you give up to get something else

• what you give up as a result of decision

• money that is earned

Opportunity Cost is

• the good thing you get as a result of a decision

• money you spend to buy or do something

• to give away income to help other people

• what you give up to get something else

Benefit is

• money that is earned

• the good thing you get as a result of a decision

• to use income to buy goods or services

• to give away income to help other people

Budget is

• to keep income for future use

• money you spend to buy or do something

• a plan of how to use income

• to give away income to help other people

Income is

• money that is earned

• money that is taken away

• a plan of how to use income

• what you give up as a result of a decision

Expense is

• to use income to buy goods or services

• money that is earned

• a plan of how to use income

• money you spend to buy or do something

Spend is

• the good thing you get as a result of a decision

• to use income to buy goods or services

• what you give up to get something else

• to give away income to help other people

Save is

• money you spend to buy something

• money that is earned

• to keep (set aside) income for future use

• a plan of how to use income

Share is

• to give away income to help other people

• to use income to buy goods or services

• a plan of how to use income

• money that is earned