WISE TEST VA (PART 1) QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+

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WISE TEST VA (PART 1) 2025- 2026 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+
Economics

Ans: Is the study of how people decide what they want and what they are
willing to pay in order to get it



Quiz: Scarcity

Ans: Is when people want more of something than is available



Quiz: Personal finance

Ans: Is the way you manage your own money and the things you own



Quiz: Financial planning

Ans: Is making a plan for the future about how to mange your finances



Quiz: Finances

Ans: Are the money you have and the things you own that are worth
money



Quiz: Economy

Ans: System of trade

, Quiz: Trade

Ans: Exchange if things of value



Quiz: Value

Ans: Is what something is worth to people



Quiz: Commodity

Ans: Something of value that can be bought



Quiz: Financial exchange

Ans: Is when commodities are bought or sold using money



Quiz: Good

Ans: An item of value that a person can buy or make to sell



Quiz: Service

Ans: Something of value you can do for another



Quiz: Producer

Ans: Someone who makes a commodity available for sale or exchange



Quiz: Consumer

Ans: Is someone who buys or trades in order to receive the commodity



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