Your Financial Journey

Question 1

Consumer Price Index (CPI)

Answer 1

Measures the change in the level of consumer goods and services prices over time.

Question 2

Deflation

Answer 2

Falling prices in the economy that tend to restore purchasing power.

Question 3

Economics

Answer 3

The study of how humankind uses its limited resources (such as time, money, goods, and services).

Question 4

Inflation

Answer 4

Rising prices in the economy that tend to erode purchasing power.

Question 5

Opportunity Cost

Answer 5

The loss of a benefit that you would have received by choosing another option.

Question 6

Personal Finance

Answer 6

Deciding how to allocate your personal resources to best support yourself and your family.

Question 7

Scarcity

Answer 7

Limitation or the gap between limited resources and excessive wants and needs.

Question 8

Supply and Demand Graph

Answer 8

A fundamental building block of modern economics showing how prices increase when supply decreases and demand increases.

Question 9

Trade-Off Decision

Answer 9

When we choose one activity as more valuable than another.