Economics Final Exam Review

In a market economy, who makes economic decisions?

The estimate of revenue and expenditures to help guide financial choices in a future period of time is called a _____:

Publication that evaluates products and puts out their findings on the product:

Paychecks contain THREE main sections: your pay, deductions like insurance or savings and ____________ that you pay.

The two core programs that are part of FICA are:

What name if given to people who are experts in a certain field or craft that use social media to educate other people:

The amount of money needed to cover basics such as housing, food, taxes and healthcare is called:

A(n) ____________ company can provide financial protection during emergencies, such as hurricanes.

What term refers to a system of exchange in which participants trade instead of using money:

According to the law of Demand, what happens to demand when price rises?

A ___________ is a short term financial plan for managing your money based on your income and expenses.

What is the overall name for forms of electronic communication to share personal messages, and other comments:

When your employer automatically pays you by putting your check into the bank, this is called:

Shares in the ownership of a company:

Which type of tax must you pay on the money that you earn from your job?

Which type of mortgage will not change over time?

In economics, when a buyer agrees to a price and pays a seller that price for a good or service this is called:

According to the law of Supply, what happens to supply when price rises?

Which is the best example of an export?

A balanced budget is achieved by the government whenever government:

Money that you set aside for the future through savings accounts or other money accounts:

What is a common form of marketing used to tell about products or services by making phone calls to potential customers:

How do banks make most of their profits?

What type of expense is your water bill?

What would Congress do with its fiscal policy if United states began experiencing recession with high unemployment?

What is one advantage of Federal student loans?

What crime is it when financial info has been compromised from one individual and used by another to commit fraud?

The amount of money you have left over after you list your assets and subtract your debt:

What is an example of a fixed cost?

When considering which college to attend, in-state tuition is ___________ than out of state tuition.