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Personal Financial Literacy 3rd Grade Texas

Terms in this set (18)

Budget
Something you make to help you spend or save money wisely.
Saving
Not spending money because of a goal or reason.
Spending
To use money to pay for something.
Needs
Something you must have to live, such as food, water, or shelter.
Wants
Something you do not need but would like to have. Such as toys or games.
Borrow
To use something from someone who loans it to you.
Deposit
To put money into a bank account.
Withdrawal
To take money out of your bank account.
Cost
The price or amount you pay for something you need or want.
Finance
The way we use and handle money for ourselves.
interest
Money you pay extra when you borrow money, or money your recieve for lending money
loan
Borrowing money for goods or services, or giving someone money for goods and services
Resources
things used to produce goods and services
demand
When a person wants a good or service
Income
money earned for work people do
scarcity
Not enough available to meet demand
Decrease
When there is enough goods or services prices will decrease
Increase
When there is not enough goods or service prices will go up
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