Skip Navigation

Simplify Variable Expressions Involving Integer Subtraction

Combine like terms.

Atoms Practice
Estimated4 minsto complete
Practice Simplify Variable Expressions Involving Integer Subtraction
This indicates how strong in your memory this concept is
Estimated4 minsto complete
Practice Now
Turn In
Healthy, Wealthy, and Wise

Credit: Andrew Magill
Source: http://www.flickr.com/photos/amagill/3366720659/
License: CC BY-NC 3.0

Would you like to be wealthy some day? How do you think people accumulate wealth? Is it from earning multi-million dollar salaries? From owning expensive houses and cars? Actually, a person can earn a huge salary, live in a mansion, and still have no wealth. When economists talk about wealth, they're not looking at fancy vacations or fabulous parties.

Assets and Liabilities

When economists refer to wealth, they mean the total value of everything a person owns, or their assets. Houses, cars, stocks, and savings can all contribute to wealth. However, to calculate wealth, you don't just add up all your assets. You have to subtract your liabilities. Liabilities are money you owe to other people. Mortgages are a liability. So are car loans, credit card debt, and student loan debt. A person's total wealth is what remains after you add up his or her assets and subtract his or her liabilities.

Credit: John E. Fry
Source: http://commons.wikimedia.org/wiki/File:Reddish_House_Broad_Chalke.jpg
License: CC BY-NC 3.0

This means that often the people we consider wealthy are not truly wealthy at all. For instance, many sports stars earn enormous salaries. However, they often have huge debts as well. Meanwhile, the old couple living in the normal-looking house next door may be millionaires. If you want to be wealthy, it turns out that avoiding debt is more important than earning a big salary.

See for yourself: http://www.youtube.com/watch?v=p0YtpxO2I_s

Explore More

Check out the links below for ways to avoid debt.




Notes/Highlights Having trouble? Report an issue.

Color Highlighted Text Notes
Show More

Image Attributions

  1. [1]^ Credit: Andrew Magill; Source: http://www.flickr.com/photos/amagill/3366720659/; License: CC BY-NC 3.0
  2. [2]^ Credit: John E. Fry; Source: http://commons.wikimedia.org/wiki/File:Reddish_House_Broad_Chalke.jpg; License: CC BY-NC 3.0

Explore More

Sign in to explore more, including practice questions and solutions for Simplify Variable Expressions Involving Integers.
Please wait...
Please wait...