EPF - Vocab 1

What is the study of how people use resources to satisfy their needs and wants?

• Scarcity

• Economics

• Inflation

• Budget

What term describes the limited nature of society's resources?

• Inflation

• Credit

• Scarcity

• Investment

What is the term for the general increase in prices and fall in the purchasing value of money?

• Inflation

• Interest

• Debt

• Net Worth

What does GDP stand for in economics?

• Gross Domestic Product

• General Domestic Policy

• Government Debt Payment

• Global Development Plan

What is the term for government policy that attempts to manage the economy by controlling taxing and spending?

• Monetary Policy

• Fiscal Policy

• Credit Policy

• Investment Policy

What is the term for the process by which a central bank or monetary authority manages the supply of money?

• Fiscal Policy

• Budget

• Monetary Policy

• Credit Score

What is a financial plan for a defined period, often one year?

• Credit

• Budget

• Investment

• Insurance

What is the ability to obtain goods or services before payment, based on the trust that payment will be made in the future?

• Debt

• Credit

• Interest

• Net Worth

What is the charge for the privilege of borrowing money, typically expressed as an annual percentage rate?

• Interest

• Inflation

• Credit Score

• Budget

What is the term for money owed by one party to another?

• Investment

• Debt

• Insurance

• Scarcity