Income
After how many hours does overtime start?
40 hours
What is capitalism
Land is privately owned, and supply and demand dominate how a country functions and the “worth” of things and people
The driving force behind capitalism is the drive to earn and get money– which can then be exchanged for goods and services.
Under capitalism, more money typically gets you a higher standard of life, but also more recognition and higher standing from the community.
What is a Product
A product is what a business sells to satisfy customer needs.
Best Ever NFL linebacker
Ray Lewis
What is the wage for overtime?
1 1/2
What is Socialism
Socialism is a far cry from a purely market economy, but typically still has some stark differences to communism.
Socialism can be hard to define because there are vastly different versions of it in the world.
One popular form is democratic socialism, which still maintains free markets, but imposes high taxes which are then used to provide an extensive social safety net and government services, like education and healthcare
Price given by manufacture for a product
MSRP
Football team with the most Superbowl Wins
New England Patriots
What are 3 kinds of salaries?
weekly
bi-weekly
monthly
bi-monthly
What is Communism
A system of government, often attributed to Karl Marx, where the equality is mandated
Every person is provided the same living standard, in theory
What is produced, and by who, is “centrally planned”, meaning the government decides it.
Under communism, the state controls all property and wealth, and in theory, also provides all the goods and services citizens need
Price added to the MSRP called
Markup
New York Mets
Suck
Gross Income
Potato
potato
Go
Yankees
Bonuses added to you salary after making a sale is called...
Comission
Tomato
Tomato
King
Lebron