Quiz #10 Vocab Flashcards Preview

AP Economics > Quiz #10 Vocab > Flashcards

Flashcards in Quiz #10 Vocab Deck (18):
0

Tool used to protect against loss or damage

Insurance

1

Monthly payment to an insurance company

Premium

2

Amount you must pay when you file an insurance claim

Deductible

3

Pays a beneficiary in the event of unanticipated death of the insured

Life insurance

4

The person you designate as a recipient of a life insurance payment

Beneficiary

5

Pays you an income in the event of an illness or accident that prevents you from working

Disability insurance

6

Pays for repairs and rebuilding if a home is damaged or destroyed

Homeowners insurance

7

Covers medical expenses

Health insurance

8

Pays for repairs to damaged cars

Auto insurance

9

Money that has some kind of value in itself
Ex: gold, cigarettes

Commodity money

10

Money that has no value in itself, it is only valuable because the government says it is

Fiat money

11

All non-government business activity
Anyone who does not work directly for the government

Private sector

12

All government related business activity
Anyone who works directly for the government

Public sector

13

Decline in price level

Deflation

14

Decline in rate of inflation

Disinflation

15

Inflation in a recession (falling output with rising prices)

Stagflation

16

Ownership of value or claim on someone else

Asset

17

Money owed or a claim someone has on you

Liability