Finance

The real estate market is categorized in which way?

Geographic location and commodities

What is elasticity?

How much price of product affects demand.

What is a market economy?

A place where consumers and producers gather to exchange commodities.

What is a financial plan?

A way of organizing finances with financial goals to make sure you have enough money to spend on things you need.

What is a will?

A will is a legal document stating what happens to your finances after death.

Name at least two features of capitalism.

Capitalism is a mixed economy with only a little government help.

What is land as a factor of production?

Everything in universe that wasn't created by people. Like all-natural resources.

What is a tax?

Financial obligation for a person or company required by law to pay to government.

What is the Internal Revenue Service?

IRS, government agency in charge of administering federal taxes.

What does the Law of Demand say?

If all other factors are equal, demand goes down if price goes up & demand goes up if prices goes down.

What does the Law of Supply say?

If all other factors are equal, supply will increase if price goes up & supply will decrease is price goes down.

What is income?

Income is the amount of money you get from your job.

What does tangible mean?

Made of physical matter, can be seen & touched.

Name at least two things financial planning could help you do.

Own a business, as well as saving and spending money effectively.

What is renting?

Paying for something that belongs to someone else.

A business that sells watches that are more inexpensive than the watches a competitor sells is using which type of competition?

Price competition

What is a motive?

Reason for doing something.

What is a service?

Service is something of value done by a person.

What is capital as a factor of production?

Tangible goods of value created by labor.

What is the capital gains tax?

Tax applied investments & other personal property.

What is a projection?

This a prediction of something happening in the future.

What is a monopoly?

This is when a company own almost everything in an area of goods or services.

What is trade?

Trade is an exchange of an item of value for another item of value.

Name one of the three functions of money.

Used to buy and sell commodities.

What is a country's GDP?

Value of the goods and services produced in a country.