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.
What happens when the supply is high and the demand is low?
Prices drop
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
Ps6 dropped yesterday, it sold out in all of Mobile stores, what was the demand in this scenario?
I serve Hamburgers and fries at my restaurant, what is the supply in this scenario?
Burgers and Fries
After I paid all of my bills, I have $400 left over. What was my surplus?
You hire a plumber to fix your sink and buy a new faucet from the hardware store. Question: Is the faucet a good or a service? What about the plumber's work?
Faucet is the good/ Plumber provides the service
Karen goes to a party instead of studying for a test. What was trade off?
Going to the Party
If I pay car insurance every month, it is a ______
Liability
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
This happens when prices go up over time?
Inflation
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
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
My ____pay is money i generated before taxes were taken out
Gross pay
If i own my car, is it a liability or asset?
Asset
The average person makes $__,____ a year
$59,000
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
You go to a restaurant and pay for a meal. The food is delicious, and the server brings it to your table. Question: Which part of this experience is a good, and which part is a service?
the meal is the good, the restaurant provides the service
You buy a subscription to an online music platform to listen to songs. Question: Is this subscription a good or a service, and why?
the platform is the good and it provides the service
Mason decided to go home instead of going to the gym, what was his opportunity cost?
going to the gym/ Staying fit
"take home pay" is another way to say..........
Net pay/income
Balenciaga shoes is an example of an______
Want
What is Economics?
the way money is distributed in society
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