Vocab Words
A Tax on Imported Goods
Tariff
This type of tax is the current federal income tax (more money, more taxes)
Progressive
Products provided to people to fulfill a need or want
Goods
What does LDC stand for?
Less Developed Country(ies)
What is Mr. Ellis' dad's name?
Joseph
Selling Publicly owned businesses to Private Individuals
Privatization
A business owned by one singular person
Sole Proprietorship
Explain Supply and Demand
I'm not typing all that
What is the economic system where the government controls all the means of production
Communism
What was Mr. Ellis' job before teaching
IT person at Tech 2
A measure of the total value of all goods and services produced within a country's borders over a specific period of time
GDP
This type of tax disproportionately affects people with lower incomes more than rich people
Daily Double!!!!!
What are the 4 factors of production?
What is it called when business send their manufacturing plants overseas to countries with less labor laws
Offshoring
How many car accidents has Mr. Ellis been in
2 (3 sorta)
When one country can create more of a given product with the same amount of resources
Absolute Advantage
Name 3 types of Taxes
Sales, Federal Income, Estate, Property, School, etc.
Who is the father of modern economics?
Adam Smith
What is Human Capital
The Skills and knowledge a person learns as well as their ability to perform a certain task
What play was Mr. Ellis part of as a freshman
Scrooge / A Christmas Carol
Government Programs that people can qualify for benefits from
Entitlements
Which business type is subject to the most taxation and regulation
Corporations
Taxes ought to be....(at least 2)
Fair, Simple, Certain, Efficient
What are the 3 Social Indicators of a Developed Nation
Literacy Rate, Infant Mortality Rate, Life Expectancy
What award did Mr. Ellis win on May 23rd 2022
Teacher of The Week