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33 Cards in this Set
- Front
- Back
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What is Commodity Money?
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Commodity money is when the object used for money may be valuable itself
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What is Fiat Money?
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Fiat money is when the object used for money that has value because the government says it has value
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What is Bartering?
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Bartering is a medium in which goods or services are directly exchanged for other goods and/or services without a common unit of exchange (without the use of money)
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What is Representative Money?
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Representative money is when an object used for money stands for some thing other than its value value.
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Are Credit Cards real money? And why?
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Credit Cards are not real money because they have no fixed value and the are not exchanged for goods or services
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What are the characteristics of money?
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Money needs to be:
Durable Portable Divisible (into smaller units) Stable And Hard to Counterfeit (duplicate) |
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What are goods?
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Tangible Products you can see, touch, and use
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What is a Service?
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Things people do for other people.
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What is are Needs/ Physical Needs?
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Things that are necessary for life.
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What is are Psychological Wants?
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Things people "need"to make them happy. These things are not necessary.
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What is a Collective Need?
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Something that is necessary to have in order for people to live in small groups.
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What are Resources?
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What people use to make products to satisfy needs and wants.
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What are the three types of resources?
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1. Natural Resources
2. People Made Resources 3. Human Resources |
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What are Natural Resources?
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Resources made by nature.
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What are People Made Resources?
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Resources made by humans.
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What are Human Resources?
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Services done by humans.
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What is Scarcity?
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When there is a gap between demand and supply.
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What is an Entrepreneur?
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A person who risks there money.
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What is opportunity cost?
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What is given up when a scarce item is used.
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What is a debit card?
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A debit card is a card with a fixed value and has a fee if you spend more than the fixed value.
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Do Credit Cards have a fixed value?
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No, credit cards do not have a fixed value.
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(True or False) You have to pay the bank money if you use a credit card.
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True, after you use a credit card you have pay back the bank.
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(Fill in the blank) _______ is not real money.
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Credit Cards are not real money.
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Are Credit Cards safe?
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Yes, Credit Cards provide protection.
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(Fill in the blank) Interest has to be paid on _____.
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Interest has to be paid on Credit Cards.
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(Fill in the blank) _____ have to payed at the end of a _________ Pay-Period.
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Bills have to be paid at the end of a credit card's pay-period.
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(Fill in the blank) For credit cards you can spend________.
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For Credit Cards you can spend more than you have.
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(True or False) Credit Cards have pin numbers.
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True, Credit Cards have pin numbers needed use the banks
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What properties do credit cards and debit cards share?
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They are both Plastic and You Can Buy Things With Them.
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Do Debit Cards have a fixed value?
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Yes, Credit Cards do not have a Fixed Value but Debit Cards do.
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(True or False) Debit cards have unlimited spending value.
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False, With Debit Cards you can go into debt and then have to pay an over draft fee.
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(Fill in the Blank) _________ are representative money.
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Debit Cards are representative money.
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What are problems with Bartering?
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The problems with bartering are-
~If you cannot find someone to trade with you then, Tough luck. ~What you have to trade and what you want are not always of equal value. ~What you have to trade might lose its value before you can give it to someone who wants it. |
