Personal Finance: Unit 1

Where supply and demand intersect on a graph

quantity of a product that producers are willing and able to make available for sale

Which is not a step in the decision making process

Skills, training and abilities that people have to complete tasks 

things that you want to accomplish with in a year 

Raw materials, tools, and manufactured products that are used to make goods and services

Principles that are important to you because of WHERE you live.

Which of the following is not a type of value

Known as the second best alternative

Principles that are important to you because of your ethnic heritage or religion

The United States is this type of economy

Which of the following is not a type of value

Occurs when demand exceeds supply

The desire to own anything, the ability to pay for it, and the willingness to pay.

Water, shelter, food.  These are examples of _____

The ways to produce products are passed from one generation to the next

long-term goals that you want to reach during your life.

Principles that are important to you because of the community in which you live.

Is the situation in which consumers’ wants are greater than the resources available 

the government owned most of the resources and made most of the economic decisions.  

things that you want to achieve over a period of years during your life-span

Things you would like to have but can live without

the things that are used to create other goods and services

Your principles; the standards by which you live your life

Human wants exceed the capacity to satisfy those wants.

Things you cannot live without

Cell phones, iPods, designer clothes.  These are all examples of what?

the way a nation uses resources to produce goods and services.

A person who buys or uses goods/ services

_____ is the primary economic system.

people rather than government, own the resources and run the business.

The things you want to accomplish in your life