Ch. 13 – 14 Quick Review What is the purpose of an economy? What are some basic economic questions you should ask before starting a business? Explain how supply and demand impacts our economy? What could be the advantage of having a partnership rather than a sole proprietorship? What is the purpose of labor unions?

Chapter 15 Our Economy and You

Section 1: Managing Your Money *Key Idea* Keeping track of your expenses will help you budget your money.

Setting Your Budget What’s your disposable income? The $$$ left after taxes What are your fixed expenses? Regular payments, usually monthly Ex: Rent, Car Payment, Internet What are your variable expenses? Payments that vary (change) month to month Ex: Clothing, Movies, Books

Section 2: Spending and Saving *Key Thought* Smart spending decisions include Comparing prices and quality Resisting pressure to buy now Buying only what you can afford

Making Smart Savings Decisions How quickly can I get my $$$ back? Ex: You may have to wait until you sell your house. How much interest / income can you make by saving or investing your money? Ex: You can rent a house to someone. Is your money going to be safe? Ex: If you buy stock, it could go up or it could go down.

Section 3: Careers: Planning for the Future *Key Thought* Researching careers will help you determine what your best job prospects are.

Career Research Questions What do you actually do in this job? What training and education does it require? What work opportunities are available in this field now and in the future? How much does it pay? Where would I need to live to do this job?

Ch. 15 Review What do you need to consider when setting your budget? How do you make smart spending / savings decisions? What factors should you think about when deciding the career you want to pursue?

Ch. 15 Assessment Page 424 Complete # 1 – 11 Reviewing Key Terms Write out the sentence with correct term underlined. Comprehension and Critical Thinking Write out the question and your response. * Turn in for a grade when completed..