Citizens and the economy ts

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Citizens and the economy ts

  1. 1. Citizens andThe Economy
  2. 2. How do we contribute to theeconomic common good?? Be productive!!! What does this mean???
  3. 3. Your Economic Responsibilities Work & pay taxes Spend your money wisely Save a portion of your income
  4. 4. Needs Vs. Wants Needs:  Wants Anything that is necessary for Anything that makes your your survival. life more comfortable; however, you can easily leave without. Example: Example: Shelter and Food iPod, Cell Phone, & Jewelry
  5. 5. Parts of a BudgetSpending & Savings A combination of one’s fixed and flexible expenses and remaining disposable incomeInvestment: Anything that a person puts money into with the hopes that the item increases in value over time.Retirement Providing for yourself when you are no longer working.Estate Planning for the smooth transition of property to designated beneficiaries after one’s death.
  6. 6. Spending and SavingsFixed Expenses Flexible Expenses Payment will stay the same Payments will vary in amount every month from month to month Ex:Ex:  Electric & Heating Bill Rent  Gas for your Car Mortgage Payment  Groceries Car Payment  Personal Entertainment Insurance Payment
  7. 7. Why do people save money?1. Major Purchases ex: buying a car2. Large annual or semiannual expenses…paying your real estate taxes3. Unexpected Expenses…home repairs4. Long Term Expenses…pay for your retirement5. Accumulate wealth
  8. 8. Benefits of Saving MoneySecurity: Money in a bank can not be lost…FDIC insured!Interest: A payment that financial institutions make to you in exchange for the use of your money while it is deposited.

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