Money Makes The World Go Round

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Presentation transcript:

Money Makes The World Go Round Economics Boyd

What is economics and why is it important? WHAT is ECONOMICS (Econ) Study of choices people make to satisfy their wants and needs. Want is a desire, it goes beyond your need Need is something you have to have

What is economics and why is it important? You affect the economy and the economy affects you. Understand how things work Helps you make wise decisions

Save Early and Often Factors that affect how much savings grow are: Time- the earlier and/or longer you save, the more savings you will have Investment Size-the more you save each year from your income, the more savings you will have Rate of Return-the higher the interest rate the more savings you will have

Budget What is the purpose of a budget? What is disposable income? Helps you save money Helps you allocate money What is disposable income? Money you have left over once you have paid your taxes and necessities What are fixed and variable expenses? Fixed are you needs Bills, food, rent Variable are your wants Movies, concerts, shopping

A Budget Will Tell you where your money is going Help you plan how to live on your pay Help you save money for unexpected expenses Help plan for large purchases without borrowing