Econ Unit 1 + Unit 2 Econ

What is the primary reason that scarcity exists in economics?

Which of the following is an example of a consumer good?

Costs that you do not pay to the college but still have to consider are

Having good credit is essential for taking out loans and investments

Which of the following best describes goods in economics?

Which of the following statements correctly describes non-durable goods?

An account where you keep money for emergencies and it grows slowly over time

Which of the following statements about mixed economies is accurate?

What is one key advantage of investing in stocks compared to savings accounts?

Normal IRAs and Roth IRAs help people prepare for

What is one benefit of renting a home compared to buying?

Higher education levels translates to higher wages

The process of changing business control from the government to citizens

What is the purpose of a budget?

Which of the following best describes the four main factors of production?

What is a stock dividend?

What is a key characteristic of a command economy?

In what way do entrepreneurs contribute to economic growth?

Which of the following is an example of a capital good?

When deciding on a change you must consider the____________ of the situation

In stocks there is high return potential but also high risk potential

A deductible is

Human capital is The sum of a person's

A service/good's utility defines how useful it is

Division of labor breaks down a single task into multiple parts

A want is a basic requirement for survival

This is the most common type of economy in the world

Which of the following statements correctly describes durable goods?

What does Personal Injury Protection (PIP) cover?

When you're renting, a good rule of thumb is to have one paycheck cover the rent payment

What is a significant commitment involved in buying a home?

The main issue economies have to deal with is

Which type of risk is associated with the overall market movement affecting all investments?

Stocks are ways people can have ownership of a company

What type of risk arises from a specific company or industry affecting its stock?

What is a key advantage of a Roth IRA compared to a traditional IRA?

When companies assign people specific tasks they become

How do consumer goods differ from capital goods?

Which factor of production encompasses all natural resources used in production?

How do services differ from goods in terms of their nature?

What is the primary purpose of the Free Application for Federal Student Aid (FAFSA)?

Which of the following costs is typically NOT included in the tuition and fees of a college?

What is a credit score?

The main cost of college is

Which of the following best describes a market economy?

A mortgage is a

Car insurance policies renew every 6 months

In which scenario would uninsured motorist coverage be beneficial?

What type of financial aid does not need to be repaid?

What does it mean to diversify your stock investments?

In Capitalism the government owns the factors of production

What is the role of capital in the production process?

A premium is

What does 'interest' refer to when talking about loans?

What is a common source of financial aid provided by colleges based on academic merit?

________________ allows for your paychecks to be immediately put into your bank account on pay day