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Final Consumer Ec
Flashcards for Consumer Ec Final
66
Economics
10th Grade
12/18/2013

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Cards

Term
This is the point where Demand and Supply are equal.
Definition
What is Equilibrium
Term
The social science that deals with the production, distribution, & consumption of goods and services and with the theory and management of economics or economic systems.
Definition
What is Economics
Term
This is the difference between the cost of creating a product and the income received from selling it.
Definition
profit (or loss)
Term
The value of the next best alternative that is given up when a choice is made.
Definition
Opportunity Cost
Term
This Consumer Protection Agency is concerned with food safety and labeling of meat, poultry and egg products
Definition
U.S. Department of Agriculture (USDA)
Term
This is a face-to-face meeting with a potential employer to discuss your job qualifications
Definition
Interview
Term
This is a letter of introduction sent with your resume to a potential employer
Definition
Cover Letter
Term
This is the process of terminating employees to cut expenses
Definition
Down-Sizing
Term
Although you may not have experience in the job you are interviewing, you may have these types of skills from your old job that will be useful in your new one
Definition
Transferrable skills
Term
If you lose your job, you may still be given this is a sum of money
Definition
Severance Pay
Term
Its acronym is ATM
Definition
Automated Teller Machine
Term
This is a non-profit, cooperative financial institution owned and controlled by the people who use its services
Definition
Credit Union
Term
A document in which the signer authorizes someone to conduct business in his or her name
Definition
Power of Attorney
Term
An agency that manages bank insurance funds, which insure deposits at banks and other qualifying financial institutions up to $250,000
Definition
The Federal Reserve
Term
The time your 500 dollars will double is 8 years at this percent interest.
Definition
9% interest
Term
A document indicating ownership or creditorship; a stock certificate or bond
Definition
A Security
Term
This occurs when a security is borrowed and sold, expecting that it will decrease in value so it can be bought back at a lower price.
Definition
Selling Short
Term
These are the two largest stock exchanges in the U.S.A.
Definition
1. NYSE (New York Stock Exchange)
2. AMEX (American Stock Exchange)
Term
These are the three ways of buying stock
Definition
1. Use a stock broker 2. Directly through a company (401K Plans) 3. Online.
Term
These are the three types of annuities
Definition
1. Fixed
2. Variable
3. Equity-indexed annuities
Term
This is an advantage of Savings Accounts
Definition
Lower Risk or Liquidity
Term
This type of advertising is an innocent exaggeration.
Definition
Puffery
Term
“Why are you leaving your current job?” is this type of question.
Definition
A Disqualifying Question
Term
This is the regret of buying an item.
Definition
Buyer's Remorse
Term
This is the act that requires that a free account has no minimum balance requirement and no maintenance or activity fees.
Definition
The Federal Truth in Savings Act
Term
He was given the Noble prize for Economics for his theory of Diversification.
Definition
Harry Markowitz
Term
Five Components to economics
Definition
Supply, Consumer Demand, ability to produce, product, price, transportation
Term
Scarcity
Definition
Use due to limited resources and unlimited
Consumer wants are greater than the resources available to satisfy them
Term
Production
Definition
Creation of goods or services
Term
Four Factors of Production
Definition
Land, Labor, Capital, Entrepreneurs
Term
Consumer Decision making process
Definition
1. Identify want/need
2. Identify Alternatives
3. Evaluate Alternatives
4. Select
5. Post Evaluation
Term
Traditional Economy
Definition
Make stuff to sustain life
Term
Command Economy
Definition
Government has TOTAL control
(Ex: Communism)
Term
Market Economy
Definition
Free or Capitalist economy
Term
Mixed Economy
Definition
An economic system combining private and public enterprise. (Ex: U.S.)
Term
Supply
Definition
how much producers are willing and able to produce at any given price
Term
Demand
Definition
How much consumers are willing and able to buy at various prices
Term
Consumer Bill of Rights
Definition
Right to be informed and right to safety
Term
Five Components of a Resume
Definition
1. Name and Contact info
2. Education
3. Objectives
4. Math Skills
5. Activities
"sell yourself"
Term
Savings Reccomendation
Definition
1. Pay Yourself (10% of income)
2. Start Now
Term
Rule of 72
Definition
how long it takes for our money to double
Term
Check 21
Definition
Banks can scan images of checks - immediately sent image to transact quickly
Term
Name three tips of wise checking
Definition
Overdraft protection/don't overdraft
No minimum balance
Keep track of your purchases
Don't spend more than you have
Term
Avg Overdraft (insufficient funds) fee
Definition
$35.00
Term
Types of investing
Definition
Stocks, bonds, mutual funds, EFT's, Government Securities, Commodities, Real Estate, CD's, etc.
Term
What do Investors look for?
Definition
-Returns
-Dividends and interest
-tax advantages
-Capital Gain
Term
Volatility
Definition
the degree to which an investment rises and falls
Term
Dollar Cost Averaging
Definition
Systematically investing an amount at regular intervals to reduce price swings
Term
Asset Allocation
Definition
Well balanced, right mix of characteristic investments for you
Term
Buying Long
Definition
Buy low, sell high
Term
NASDAQ
Definition
no specific location, many technology and growth companies
Term
SEC
Definition
Securities and Exchange Comitee
Term
Demand Influences
Definition
-Company's health
-Industry trends
-National and World events
-Economic factors (interest rates)
Term
Stock Indexes
Definition
S&P 500
Nasdaq composite
Dow Jones Industrial Avg.
Term
Bear Market
Definition
Falling prices
Term
Bull Market
Definition
Rising prices
Term
A financial method of transferring your risk of loss to an insurance company
Definition
Insurance
Term
Social Security Tax
Definition
6.2%
Term
Bear Market
Definition
Falling prices
Term
Bull Market
Definition
Rising prices
Term
A financial method of transferring your risk of loss to an insurance company
Definition
Insurance
Term
Social Security Tax
Definition
6.2%
Term
Medicare Tax
Definition
1.45%
Term
Four filing statuses
Definition
Single, married, married (jointly), widowed
Term
2013 exemption
Definition
$3,900
Term
Illinois State Income Tax
Definition
5%
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