economics Flashcards
1
Q
The economy
A
When people trade goods and services for money.
2
Q
Goods
A
Something people own.
3
Q
Services
A
People give in exchange for money.
4
Q
Personal budget:
A
A budget is a finance plan that helps you keep track of how much money you spend and how much money you save. Income, expenses, savings, and debt are all things to consider with a personal budget.
5
Q
Income
A
Income is the money you earn from a job.
6
Q
Expenditures
A
Expenditures are the costs of the expenses you have.
7
Q
Debt:
A
Money that you owe. It happens when you spend more money than you have or when you borrow money.
8
Q
Savings:
A
Money set aside for things you may want or need.
