Unit 1 Personal Finance

2. spending, Money people use to buy goods and services.
4. income, The total money earned by all members of a family from jobs or investments.
10. Using money to buy something that can grow in value or earn income over time.
13. growth, When a country produces more goods and services than before.
15. Having a job or work that pays you money.
16. A person who buys goods or services for personal use.
18. enterprise system, A type of economy where individuals can own businesses and compete freely with little government control.
19. Planning how to spend and save your money carefully.
20. rate, The percentage of income that is saved instead of spent.

1. self-sufficient, being able to support yourself or your family with your own money without needing help from others.
3. Putting money aside for future needs or emergencies instead of spending it now.
5. stability, When the economy is steady, with jobs available and prices not changing too much.
6. system, The way a country organizes the production, distribution, and use of goods and services.
7. How much consumers want and can buy a product or service.
8. and demand, The relationship between how much of something is available (supply) and how much people want it (demand), which affects prices.
9. Things used to make goods and services, like land, labor, and money.
11. independence, When you don’t need to rely on others for money.
12. Money you owe to someone else, like a loan or credit card balance.
13. The money you spend on things like food, rent, or clothes.
14. An economic system where businesses are privately owned and people can make their own choices about buying, selling, and investing.
17. The ability to borrow money now and pay it back later.