Chapter 5 (Eco)

Tips for buying a used automobile

1. Check insurance rate 2. Check MPG 3. Carfax 4. Book value 5. Take to a mechanic 6. Add the cost of needed repairs.

Ways to save money when shopping for food

1. Comparison Shop 2. Buy in bulk 3. Coupons 4. Buy generic 5. Don't shope hungry 6. Make a list 7. Don't take kids 8. Check per unit prices.

Ways to save when buying clothing

1. Consignment shop 2. Buy cloths on sale 3. Shop online 4. Make a list so you don't impulse buy 5. seasonal shopping

Responsibilities of lanlords

1. Must obey building safety laws 2. Must make repairs within a responsible amount of time 3. Make sure that their apartments have certain minimal services

Responsibilities tenants

1. Paying the rent on time 2. Taking good care of the property 3. Notifying the landlord of needed repairs 4. Giving notice/formal warning of moving

5 types of housing

1. Single-family home 2. Cooperative 3. Condominiums 4. Town house 5. Mobile homes

Clothing value depends on three favtors

1. Style 2. Durability 3. Cost of care

Rights of tenants

1. To use the property for the purpose stayed in the lease. 2. To have a certain amount of privacy

Factors that effect insurance rates

1. Type of car you drive 2. Where you drive 3. What you use the car for 4. Marital status 5. Safety record 6. Grades 7. Number of drivers 8. Age 9. Gender 16-25 males males pay the most.

Durability

Ability of an item to last a long time

Service flow

Amount of use a person gets from an item over time and the value a person places on it.

Mortgage

Borrowing money to buy a house

Considerations involving shopping for food

Brands, sizes, quantities, unit prices, unit price, freshness, and store location

Benefits to renting

Cheaper, greater mobility, no property taxes, no down payment, no maintenance cost

Three types of food stores

Club warehouse, convenience store, and supermarkets

Closing costs

Fees involved in arranging for a mortgage

Security deposit

Funds a renter lets an owner hold in case the rent is not paid or the apartment is damaged

Supermarkets

Has the largest variety of food items with moderate prices

Liability insurance

Insurance that pays for bodily injury and property damages for the other person

Registration fee

Licensing fee, usually annual, paid to a state for the right to use a car

Lease

Long-term agreement describing the terms under which property is rented

Private labeled products

Lower-priced store brand products carried by some supermarket chains and club warehouse chains.

Bargain fanatic

Person who buys lots of cloth on sale because they think they're getting a bargain.

Convenience store

Store open 16-24 a day, limited selection of highly priced items

Club warehouse

Store that carries a limited number of brands and items in large quantities and is less expensive then grocery stores.

Depreciation

The decline in value over time