making choices and deal with consequences.

choosing consequences over rewards.

reviewing past decisions and changing them.

minimizing profit and loss.

In a command economy, citizens have fewer property rights. In a mixed market economy, citizens have more property rights.

In a command economy, citizens have more property rights. In a mixed market economy, citizens have fewer property rights.

In a command economy, citizens own all public property. in a mixed market economy, the government owns all private property.

In a command economy, citizens own all private property. In mixed market economy, the government owns all public property.

how to set prices.

which goods to export.

which services and products to buy.

how to use materials.

in the same direction.

in opposite directions.

towards one another.

from the same point away from each other.

The quantity supplied by producers increases as prices rise and decreases as prices fall.

The quantity supplied by producers decreases as prices rise d and increases as prices fall.

The quantity supplied by consumers increases as prices rise and decreases as prices fall.

The quantity supplied by consumers decrease as prices rise and increases as prices fall.

count

demand

number

supply

in the same direction.

in opposite directions.

toward one another.

from the same point away from one another.

supply is limited and demand decreases.

supply and demand meet.

demand is higher than supply.

supply is higher than demand.

quantity supplied is equal to quantity demanded.

quantity supplied does not equal quantity demanded.

supply coordinates with price.

supply coordinates with quantity.

consumers have lost an interest in purchasing it.

producers have lost an interest in manufacturing it.

its supply or demand is too sensitive to price changes

its supply and demand is not sensitive to price changes.

expenses

prices

revenue

supply

The possible income from producing an additional item.

The price of producing one additional unit of a good.

The additional income gain from business activity minus expenses.

The financial gain from business activity minus expenses.

The possible income from producing an additional item.

The price of producing one additional unit of a good.

The additional income gained from selling an additional good.

The financial gain from business activity minue expenses.

The possible income from producing an additional item.

The price of producing one additional unit of a good.

The additional income gained from selling an additional good.

The financial gain from business activity minus expenses.

Government

Suppliers

Firms

Producers

money

models

pricing

debates

produces a steady number of automobiles.

has a high unemployment rate.

measures its gross domestic product.

produces more goods and services.

The interaction between producers and consumers.

The change in production cost.

MACROeconomic trends.

Supply and demand trends.

how quickly money can be exchanged.

the true monetary value of an investment

The shifting supply of money in the economy

how much wealth an individual has amassed.

savings account

investment account

credit account

checking account

store, lend, and invest money

store, lend, and borrow money

store, lend, and distribute money

store, lend, and approve money

a surplus

an expenditure

a budget

a deficit

there is sufficient money to fund private businesses.

citizens contribute to meeting society's needs.

politicians get paid in a timely manner.

a government program exists for every need that arises.

The Constitution

Laws passed by Congress

An Executive Order

Common Law

controlling inflation

increating credit

printing money

creating monetary policy

limiting inflation and reducing unemployment

reducing unemployment and maintaing cash flow

controlling stagflation and reducing unemployment

managing credit and ensuring the money supply's liquidity

partnerships

sole proprietorships

corporations

franchises

starts and runs a business

is an employee of a business

invents products for other businesses.

works for multiple developing businesses.

an unexpected salary cut

wages lost due to illness

vacation budget

retirement savings

It would reduce gross income.

It would not affect net income.

It would increase net income.

It would not affect gross income.

save more per month

reduce deductions

earn more money

increase withholdings.

a down-payment on a house

a piece of furniture

a child's college fund

one's retirement

a variable expense

a fixed expenses

a short-term expense

a discretionary expense

Fixed expenses are deducted from gross income. Variable expenses come from net income.

Variable expenses are a necessary part of fixed expenses but can be calculated after fixed expenses.

Variable expenses are almost always higher than fixed expenses and need a greater budget.

Fixed expenses are required and constant, but variable expenses are more flexible.

spends no money in the short-term and saves it all for the long-term.

uses money in a way that will increase its value in the future.

spends income only on essential needs such as housing.

cuts out all discretionary spending for a set period of time to save money.

what otherwise would be fixed expenses

gross income, before other deductions

what otherwise would be discretionary income

gross income, along with other deductions

Spend less on mandatory expenses

Eliminate short-term financial goals

Increase discretionary expenditures

Save more money from net income

at the end of each month

day by day during the month

at the start of each month

at least twice per month

savings account.

discretionary money.

fixed expense money.

net income.

Heating and cooling costs might vary considerably.

Income taxes and withholdings may increase or decrease.

Car loan payments become higher in certain seasons.

Discretionary spending may rise when fixed expenses rise.

spend as little as possible.

pay credit card payments first.

spend less than or equal to income.

pay off debts first.

fixed spending

budgets

withholdings or deductions

discretionary spending

before income.

after income.

after savings.

at the top.

variable

fixed

uncertain

actual

potential

likely

for saving for a long time without withdrawing

for depositing and withdrawing money frequently

for using money for CDs and other investments

for using money in the near future but not right away.