Tax on Tax off
What's your type? (of economy
Policy Punks
I demand your supply
100
Name that tax: A percentage of the total price for everything in your shopping cart
Sales Tax
100
The Inuit tribe, which practices generational customs has an economy which revolves around farming and hunting with little or no technology used.
Traditional Economy
100
Something that the government is supposed to spend money on using our taxes.
employees, infrastructure, defense, social and other public services.
100
As price decreases, quantity demanded will:
Increase
200
A tax on what you own when you die, if it is worth a very high amount.
Estate Tax
200
The type of Economy that the United States has.
Mixed Economy
200
The government or country's bank is called:
The Fed or Federal Reserve
200
This graph represents supply or demand?
Demand (DEMAND DOWN)
300
Added price to the price of many goods made in other countries
Tariffs
300
An economy where the government controls every aspect of production and makes all economic decisions.
Command Economy
300
When talking about fiscal policy... fiscal means:
Taxes and what the government is doing with the taxes
300
What would the price be for 2000 units demanded?
$40
400
A pack of cigarettes or alcohol costs a little bit more because of this tax
Excise Tax
400
Individuals and private businesses make all economic decisions. No government interference.
Free-Market/Free-Enterprise Economy
400
The difference between mandatory and discretionary spending.
Mandatory: Spending that is ongoing and must be done to help the country operate as normal.
Discretionary: Optional spending that is voted upon by congress.
400
If the demand increased which line would move? Which direction?
Blue would move to the right
500
Name the TWO types of taxes that are designated to help elderly people and what they do.
Social Security: Used to fund a retirement program for US workers
Medicare: Used to fund a healthcare program for people age 65 and over.
500
An advantage and a disadvantage for the United States' Economy. (Must also name the economy)
Mixed
Advantages:
- Government may help with economy.
- People have free choice for the most part
Disadvantages:
- Limited freedom because of government intervention
- Can create huge class gaps (people taking advantage)
500
Name one job of the Federal Reserve:
1. Set monetary policy
2. Regulating the banks
3. Providing payment services
4. Maintaining Financial Stability
500
Suppose there was new technology discovered that would increase production of TVs. Would this affect the supply or demand curve?
Supply Curve