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What type of economy does the U.S have?
Mixed Economy/Capitalism
What is Economics?
the way money is distributed in society
If i own my car, is it a liability or asset?
Asset
"take home pay" is another way to say..........
Net pay/income
My ____pay is money i generated before taxes were taken out
Gross pay
If I cannot live without this, it is a ______
Need
Balenciaga shoes is an example of an______
Want
A new gaming console is released during the holiday season, and everyone wants to buy it, but only a limited number are available. a) What happens to the price of the console when demand is high, but supply is low?
Prices are high
If I pay car insurance every month, it is a ______
Liability
This happens when prices go up over time?
Inflation
What happens when the supply is high and the demand is low?
Prices drop
During a major storm, everyone wants to buy bottled water, but stores run out of stock.Question: How might the store respond to the increased demand for water?
raise the price or keep it the same
You own a car worth $10,000, but you still owe $6,000 on the car loan. Question: Is the car an asset, a liability, or both? Why?
Liability until loan is paid off
You have $1,000 in a savings account but also have $2,000 in credit card debt. Question: How do your liabilities compare to your assets, and what does this mean for your financial health?
Make payments on credit card debt, but my savings still an asset.
A small business owns $50,000 worth of equipment but has a $20,000 bank loan to pay off. Question: Does the business have more assets or liabilities? How does this affect its financial stability?
yes, loans can be paid in increments
A family has enough money to pay for groceries and rent but is considering a vacation. Question: Is the vacation a need or a want? What should they prioritize?
Make sure bills are paid, if enough left over, I can take an vacation
