Personal Economics Flashcards
Why will using the decision making process we discussed In class result in a better decision being made than simply creating a list of pros and cons?
You have to weigh the benefits & risks of them so you know how much their worth
What is the difference between a skill and an aptitude ?
Aptitude is a recognized skill you enhance
What are 5 steps in the decision making process ?
Define problems, list alternatives, specify criteria, evaluate alternative
Ease at which someone can do something (potential) alternative
Aptitude
Secrets of a straight A student. What were 3 things that all of the students had in common that made them successful?
They all got involved in multiple activities, set studying homework as a priority, and made sure they understand
Gaining something good from a decision is an_____
Opportunity benefit
The value of what is given up when making a choice is an____
Opportunity cost
What are 3 examples of duties that as an American Citizen you should do ?
Voting, pay taxes, etc
What are two examples of similarities between a dictatorship and a monarchy?
They are both ruled by one person. That one person makes all decision
What are 4 things that legal aliens CANNOT do that u.s citizen can do?
Run for president , vote in elections, may not serve in juries, or work in most government jobs
What are 3 branches of the U.S Government?
Judicial
Legislative
Executive
What are the 4 main functions of government ? What is real life example of each function?
Ensuring everyone is safe, providing military services,maintaining key functions of government, securing constitutional rights
Real life example: keeping everyone safe is providing cities with police officers
What does the acronym S.M.A.R.T stand for?
Specific Measurable Attainable Relevant Timely
Unlimited power to the leader individuals have no personal rights or liberties
Totilaritsm
System of gov. In which members meet to discuss all policy decisions & then after to divide by majority rule
Direct democracy
Based on or in accordance with what is generally done or believed
Conventional
A buisness or company
Enterprise
An informal social gathering. Especially one organized by the members of a particular club or group
Social
Having or revealing natural creative skill
Artistic
Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a dept
Interest
Importance worth or usefulness
Value
A task or action that someone is required to perform
Duty
The state of having a duty to deal with something or of having control over someone
Responsibility
A person who legally belongs to a country and has the rifts and protection of that country
Citizen
