Vocabulary
What is the Cost of Living?
The amount of $, depending on how much it costs for you to live in a specific area
What are economic system do we have in the U.S?
Market
Do government officials have to pay taxes?
yes, everyone working pays taxes
What is a consumer?
Someone who buys or uses a good or service
Why do people want to scam you?
for $$, power, information
What is identity theft?
When someone steals your identity
What is income?
$
What is a fiscal policy?
The government's plan of spending for their $$
T/F: Debt collectors can harass and stalk you?
False; they can contact you- but there is limitations to it.
What is a way someone can be a victim of fraud (specifically talking about the way they can be contacted)
Via email, phone call, text messages, dms
What is an example of a consumer?
(ie. anyone who buys something)
The government alone is in control of the economy is?
command economy
In what economic system does the government have the most say?
command/control government
What are some reasons you might get a higher income?
Experience, having a higher than required degree, negations, stipends
- not click links, respond to unknown messages, protect your accounts, change you passwords
What are some job benefits?
- life insurance, health (dental, vision, medicare), housing, stipends
What are all four of the economic systems?
mixed, market, command, traditional
The lowest tax bracket 0-$9,000 is taxed what percentage?
10%
Name one thing that has affected OUR government's fiscal policy?
9/11, great depression, war's
Who do you contact for overtime violations or wage theft?
The Department of Labor
What is false advertisement?
the act of publishing, transmitting, or otherwise publicly circulating an advertisement containing a false claim, or statement, made intentionally
What economic system relies on habit, custom, and ritual?
traditional
What do our taxes go towards?
- Public goods (ie. roads, schools, sidewalks, bridges) [Unemployment/disability].
What three things go into coming up with an income?
Supply and demand, cost of living, company performance
Who do you contact if someone has stolen your identity?
FTIC