Supply and Demand
What is the total amount of a good or service that is available for consumers to buy?
supply
natural resource
What type of tax do we pay when we buy milk at the store?
sales tax
What do we call a thing we purchase with money?
a good
What is the total amount of goods or services that customers will buy at a certain price?
demand
What type of resource is used to make other goods and services?
capital resource
What type of tax do we pay when the county bills us for the value of our home, land, or cars?
property tax
What do we call it when we pay money for someone to do something for us?
a service
price
What type of resource is people involved in making goods and services?
What type of tax do we pay when we make money at our job?
income tax
In a healthy economy, what happens to supply and demand?
It goes up.
When supply goes up and demand goes down, the price will go ____.
down
What type of resource is farmland?
natural resource
to pay for our government
In a weak economy, what happens to businesses?
They struggle, or do not do well.
When supply goes down and demand goes up, the price will go ___.
up
What type of resource is machinery?
capital
Name 3 things our taxes pay for.
public schools, firefighters, paramedics, police officers, roads, tunnels, bridges, military, National Guard
Taxes are collected by three levels of government. What are the levels?
local, state, national/federal