
Economics is a social science concerned with the production, distribution, and consumption of goods and services. Economics is the study of CHOICES; Why are some goods valued more than others?, Why do people spend their money on certain things?, And how do we distribute finite resources? We use economics EVERY day. To make travel plans, invest and so many other things. Let's read more to find out how economics impact us on a daily basis

Types of Bank Accounts

Checking: Designed to hold funds you plan to use to pay bills; Comes with a debit card; Can be linked to other accounts (i.e. savings); Different accounts can be offered
Pros: Easy access to money; Can be used to deposit checks, pay bills and transfer money between accounts; No limits on atm and online transfers with both checks and a debit card
Cons: Subjected to risk
Saving: Designed to hold funds you plan to save; Offers and APY (annual percentage yield) for keeping your money in the account
Pros:
Money put in saving account arent subject to risk
Cons: No online bill pay and no debit cards; Atm withdrawals and online transfers are limited to 6 times a month; Pay a hefty fee for the withdrawals and transfers
Types of Financial Institutions

Credit union: a type of financial institution that is a member-owned financial cooperative, controlled by its members and operated on a not-for-profit basis.
Examples:
MCU, Brooklyn Co-op
Retail banks:a bank offering banking services to consumers and small businesses, as opposed to one dealing with large corporations and financial institutions.
Example:
P Morgan Chase, Wells Fargo
Credit and Debit Cards

Credit card:A credit card is a line of credit that can be used to make purchases and balance transfers and it's required that you pay back the loan amount in the future. The money comes from the bank that issued the card to you.
Pros: Additional points such as hotel discounts and travel points; Builds your credit; Helps pay for emergencies such as car repairs and home damage
Cons: Comes fees such as a late fee if you don’t pay on time; May charge interest and some may come with an annual fee; Can affect your credit score if you don’t pay on time
Debit card: A debit card is a card that is linked to your checking account and allows you to spend money without writing a check. The money comes from your bank checking account immediately because it’s linked to it.
Pros: Quick access to your money via atm, zero interest added, And no monthly payments or late fees
cons:If you are a victim of an identity thief or your debit card is stolen it takes weeks to months to get your money replaced, If spend without any available money, you will get an overdraft fee
Types of loans

A mortgages loan is a loan used to purchase or maintain a home, land, or other types of real estate.Some people choose to BUY their home instead of renting it. But that’s really expensive!!!. Most people take a loan from a bank to pay for purchasing their house. This is called A MORTGAGE.
Pros of renting: Fewer maintenance costs, No down payment required, Cheaper than the mortgage payment
Cons of renting: Rent rise over time, Must deal with landlord or management company, No changes to your house without landlord approval
Pros of buying: Credit score increase, Privacy and control over living space, Tax benefits
Cons: The high cost of maintenance and repairs, property taxes will cost you extra, Require upfront cost for a down payment
Car loan: providing a lump sum of money for you to buy a car. Then, it's yours to drive, while also making monthly payments on the loan (with interest) over time. You can either buy or lease a car.
Leasing: You rent a car for a fixed period of time – typically three or four years. Most leases are financed through the dealer. You will usually pay an initial amount to drive your new vehicle off the lot, with a range of taxes and fees
Pros of leasing: warranty protection that lasts 3 years, Lower payments, May does not have to put down a payment to drive off the lot , initial sticker shock may not be as bad
Cons of leasing:Not having full control, Most leases come with annual mileage restrictions exceed those limits, you’ll pay a premium typically around 30 cents per mile, You’ll also need to pay for comprehensive, collision, and gap auto insurance, When the lease is up, you have to start your search for a new set of wheels.
Pros of buying: No mileage limits, If you want to drive across the country, or rack up 100,000 miles in a year, you can do so without worrying about extra fees.No wear-and-tear charges, The ability to sell or trade in the vehicle:
Cons of buying: Higher monthly payments, Bigger down payment required, Long-term maintenance costs, it will take a bigger chunk of your savings.
Types of Investments

Stocks are shared by an individual company's Securities based on company performance. It's traded during regular market hours. Short and long term.




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Economics is a social science concerned with the production, distribution, and consumption of goods and services. Economics is the study of CHOICES; Why are some goods valued more than others?, Why do people spend their money on certain things?, And how do we distribute finite resources? We use economics EVERY day. To make travel plans, invest and so many other things. Let's read more to find out how economics impact us on a daily basis

Types of Bank Accounts

Checking: Designed to hold funds you plan to use to pay bills; Comes with a debit card; Can be linked to other accounts (i.e. savings); Different accounts can be offered
Pros: Easy access to money; Can be used to deposit checks, pay bills and transfer money between accounts; No limits on atm and online transfers with both checks and a debit card
Cons: Subjected to risk
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