Economic Systems
Limited resources vs. Unlimited wants
Scarcity
Income, property, good, or service which is subject to a tax.
tax base
The Cost of production 1 additional unit of a good.
Marginal Cost
The American Tax System is __________.
progressive
Tax Day
April 15
Freedom of ________ is the right to start a business in the American economy.
Daily Double 1000 points
Enterprise
The funds for a new bridge on HWY69 comes from this government source or budget.
Minnesota State Capital Budget
Gasoline has a built in ______ tax collected by Federal Government
!!!Daily Double!!!
1000 total points
Sin, excise, sales
Coke and Pepsi
Beef and Pork
video game console and cellphone
substitutes
The Law of Supply says the higher the price, the ______ produced.
more, increase
Something that encourages people to behave a certain way.
incentive
A person who makes $100,000 pays 10% tax while another makes $30,000 paying 30% tax.
regressive
Advances in technology usually ______ costs, and _______ supply at all price levels.
lower/decrease and increase/raise
Things like high start-up costs, patents, licenses, labor.
High Barriers to Entry
Name 4 entitlements
welfare, medicaid, medicare, social security, food stamps
Freedom of _________ is the consumer's control over what is purchased, produced, and ultimately the price.
Choice
Individual Income tax is the largest source.
Federal and State Revenue
Economists measure consumption by the amount of goods ________.
Purchased
Several companies set prices below their costs to drive out competitors.
Predatory Pricing
States all are required to have a balanced _____ ________. 2 words
operating budget
Economic S______ refers no a nation's efforts to protect its members from harmful economic situations.
Security
Employers taking taxes out of employees pay for the local, state, or federal government.
Withholdings
A leather shortage would drive the supply curve for shoes this direction.
Daily Double up to 1000 points
left, back
What is the "equation" for a persons taxable income.
Gross income minus deductions and exemptions
What was the name of Adam Smith's famous book?
Wealth of nations