Definitions and more
Supply and Demand
$Taxes$
Public Vs Private
Goods and Services
100
What is economics?
What is the study of businesses and how they work?
100
What is supply?
What is the amount of a product that you have
100
What is a tax?
Money that people must pay to the government for goods and services.
100
Your back pack
Private
100
The Smart Board
good
200
What is an investor?
What is a person who puts money into a business and expects to earn part of the profit.
200
What is demand?
What is the desire that people have for a product and how much they will pay for it
200
The tax a consumer pays on a product is called what?
What is sales tax
200
A haircut
private
200
The beauty salon
service
300
A person who starts a business is called a what?
What is an entrepreneur
300
If the demand for something increases what happends to the supply?
It decreases
300
Miss patton earns $20.00 on her paycheck, but only gets to take 16.99 home. The rest she pays to the goverment. This is an example of what?
What is income tax
300
A city park
public
300
A check up with your doctor
service
400
A person who buys a product is called a ...
What is a consumer
400
I have 48 calculators and 50 students want to buy it for $1.99. What is the supply and what is the demand?
Supply is 48 calculators Demand is that the students are willing to pay $1.99
400
What is a property tax?
What is a tax that you pay on property that you own (ex. your house, car, or boat)
400
Checking out a book from the library
public
400
A brand new car
What is a good
500
What is a producer?
What is a person who makes a product to sell
500
If supply goes down and demand stays the same will the price go up or down?
The price will go up because people still want the products and so they will be willing to pay more for it because they want one so bad.
500
Why does the government collect taxes?
Taxes help keep the government running.
500
Give an example of a private and public good or service
answers will vary
500
Give an example of a good and a service
Answers may vary
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