What is a barter system?
A barter system is the exchange of goods without the use of money or any other money exchange. The
goods are traded for other goods directly.
What is the principle of supply and demand?
Market economies use this prin
1. What is a progressive tax system? How does it differ from a regressive tax system?
2. What is gross income? What types of income are included in gross income?
3. What is the alternative minimum tax?
4. What is a tax audit? What are some different types
1. What problem occurred after Hurricane Katrina that has prevented rebuilding?
The insurance failed.
2. Why is disclosure important when taking out insurance?
So the insurance company knows the important information on you so they know what
1. What is a safe deposit box? What financial records are best kept in one?
Its a secure spot to be documents that are more important to you like a safe in a bank. Adoptions, wills,
marriage, birth records or divorce are all types of records kept in safe
1. What are credit cards? Why do people use them?
Its a card someone can use to buy things with by borrowing money from a financial institution.
2. What is interest? How does interest affect credit card purchases?
If you do not pay back the debt and the a
1. What type of value is created by ads?
Persuasion and all value is relative.
2. Sutherland goes through several examples of advertising "bad" things like slow trains or placebos.
How does he create perceived value?
He adds something good like super mode
1. What was the final score of the game?
The final score of the game was a tie.
2. How did you do answering the questions? Did you answer any of the questions incorrectly?
I did okay and answered most of them correct, there were a few I didnt answer corre
What did Adam Smith argue about people and economics?
People are rational and selfish.
2. What happened in 2008 that affected the economy? Did this event represent rational or irrational
behavior? The economy crashed. This event represented
What is the average debt for individuals 22-29?
16,120 a year.
2. Why is it important to think about "needs" and "wants"? What are the differences between these?
If youre only focusing on your wants it will eventually add but and you will no
1. Why are cars a bad investment?
Cars are a lot of money and they all go down very quickly.
2. What are some of the ways that you can save money when buying a car?
Shop around and find a car that best fits your budget and do that with insur