Boston Tea Party
A household’s income minus exemptions and deductions.
What is taxable income?
The study of how people deal with scarcity.
What is economics?
An amount of money owed by one person, company, firm to another
What debt?
A person, group of people, or organizations that are the final users of a product or service.
What is a consumer?
The tendency for the quantity demanded of a good in a market to decline as its price rises.
What is the law of demand?
A type of excise tax that applies to total expenditures on a broad group of goods.
What is a sales tax?
The situation in which the quantity of resources is insufficient to meet all wants.
What is scarcity?
The price of labor defined over a period of time worked.
What is a wage?
The amount of money or other goods that one must pay to obtain a particular good.
What is the price?
The tendency for the quantity supplied of a good in a market to increase as its price rises.
What is the law of supply?
taxes based on wages and salaries used to finance compulsory federal program for retired workers - social security and Medicare. Employees and employers pay this tax equally.
What is a payroll tax?
The branch of economics that examines the workings and problems of the economy as a whole—GDP growth and unemployment.
What is Macroeconomics?
A tax on all forms of income an individual or household receives.
What is a persona income tax?
The amount of money that a producer receives in exchange for the sale proceeds
What is revenue?
The sum of variable costs and fixed costs.
What is total cost?
A tax for which the amount of an individual’s taxes rises as a proportion of income as the person’s income increases.
What is a progressive tax?
The branch of economics that examines individual decision-making at firms and households and the way they interact in specific industries and markets.
What is a microeconomics?
The amount of money you have left after you have paid your taxes, bills, etc.
What is disposable income?
Total revenue received from selling the product minus the total costs of producing the product.
What is profit?
Costs of production that vary with the quantity of production.
What are variable costs?
A range of taxable income that is taxed at the same rate.
What is a tax bracket?
An arrangement by which economic exchanges between people take place.
What is a market?
An income limitation on a person’s expenditure on goods and services.
What is a budget constraint?
The price per unit times the quantity the firm sells.
What is total revenue?
A relationship between price and quantity demanded.
What is Demand?