Understanding Basic Economic Concepts

Front

What is a budget?

Back

A plan for how to spend money

Front

What do we call the things that people make or sell?

Back

goods

Front

What is it called when you put back money for later?

Back

saving

Front

What is a person called who buys things?

Back

consumer

Front

What do we call the money we use to buy things?

Back

currency

Front

What do we call things that we like but do not need?

Back

wants

Front

Which of the following is a need for everyone? food, video games, expensive shoes, movies

Back

food

Front

Which of the following is an example of a want?
vegetables,
video game,
shelter,
water

Back

video game

Front

What is the name of paper money used in the United States?

Back

dollar

Front

If a toy is very popular but only a few are made, what is this an example of?

Back

scarcity