Tax Law
Why is economics important.
Learning economics enhances decision-making skills.
It helps you understand the world and make informed choices.
Economics is relevant to everyone, regardless of career path.
Once you own private property the government still profits from you owning by charging what tax?
Property Tax or Land Tax
What is the import and export to other countries called.
Trade
Type of governing system where business is maintained and controlled by private ownership and competition.
Capitalism
The primary focus of economics?
What is the study of people and choices.
The difference between micro and macro economics.
Microeconomics focuses on individual and business decisions.
Macroeconomics looks at the economy as a whole.
Private ownership of business is not allowed in this government system.
Communism
How do governments protect local companies in country from being undercut by cheaper prices from countries elsewhere?
Import Tax
One potential effect of minimum wage laws?
Can increase income for workers but may also lead to higher unemployment.
The value of the next best alternative given up when making a choice.
What is opportunity cost.
Which government systems get to decide the level of taxation on the citizens?
All the governments.
An example of a price control.
What is Rent control.
The government imposed tax on imported goods from other countries.
Tariff
What court decides whether the actions of the national government are lawful?
Supreme Court.
Having unlimited wants but limited resources.
What is scarcity.
Why would a government require its citizens to file their own taxes?
...
A maximum price set under the market equilibrium line.
What is Price Ceiling.
One reason governments are concerned about cryptocurrency regulation?
To ensure corporate transparency and prevent corruption.
For a court case of a small business owner filing a claim against the city for unfair highway construction what level of government court should the case be held at.
In the city at a civil level case.
How much quantity demanded changes when price changes.
Elasticty
How is the gig economy affecting employment laws?
Its prompting changes to protect workers and address classifications.
Why did government regulation have to step in to control the price of rent in the past?
Because property owners where able to change the price of rent at a moments notice to squeeze money out of the tenants.
How could international laws regulating trade affect international businesses?
Companies will have to navigate changing political climates to maintain profitability.
In class we discussed the government taking a "Laissez-faire" approach to how it manages business and commerce. What does this approach mean?
a policy or attitude of letting things take their own course, without interfering.
In class we discussed the Trump administrations move to focus on America first politics. They have cut spending by stopping financial support going out to the WHO. The have also changed border control laws and citizenship laws. All these things compile to show a growth toward a what mindset...
Nationalistic, Nationalism is country first.