Column One
This term refers to the government's ability to seize private land for public use, so long as they pay for the property of course.
What is Eminent Domain?
These are government taxes on imported goods.
What are Tariffs?
This type of economic system balances stability with freedom and is the type of economy the United States has currently.
What is a Mixed economy?
This government agency oversees US Monetary policy, regulates banks, and sets interest rates.
What is the Federal Reserve? (The Fed)
These are taxes based on income and imposed at the federal and most state levels.
The less money you make, the less percentage you pay.
What is Income Taxes?
The government giving money to a business to offset production costs and encourage business growth is called this.
This is exchanging one thing for another; giving up something to get something.
What is a Trade-Off?
This type of market is where Productive Resources are Bought and Sold.
What is the Factor Market?
Free Space
Free Points
This is a tax on goods and services purchased. There is no federal version of this, but most states and local governments have them.
These are usually calculated as a percentage of the price paid.
What are Sales Taxes?
Age is a significant factor in determining an investor's tolerance for this.
This is the value of the next best alternative use of money or time when a decision is made. Also known as _____________ Loss, (because it rhymes with the full answer.)
What is Opportunity Cost?
Mathematically speaking, this is the breaking down of a job into small parts performed by different workers.
What is the Division of Labor?
This number is given to you by banks and tells them how good you are at paying back the money you owe. It can determine your interest rates and whether or not you are approved for loans.
What is a Credit Score?
These are taxes on "sin products" and are intended to discourage the use of these products.
Such items subject to these types of taxes include alcohol, cigarettes, and gasoline.
What are Excise taxes?
Rent, insurance, and other monthly bills are examples of what type of static costs
What are Fixed Costs?
This is the additional cost of producing one more unit of a good.
IE: The cost of producing an 11th Coffee cup for $0.80 after producing 10 cups for $10 total.
What is Marginal Cost?
Historically speaking, Salt, animal hides, gems, and even tobacco served as a type of this.
Today, we use paper.
What is Money?
This type of economics looks at economic decisions made by countries and societies. It focuses on the big picture.
What is Macroeconomics?
These are taxes based on the market value of assets owned. They are mainly done at the local level.
These don't just apply to homes however, they also usually include cars in this type of tax.
What are Property Taxes?
Entertainment, groceries, and unexpected maintenance are all examples of this type of expense.
What is Variable expenses?
This is how much additional satisfaction we get when one more unit is produced. This is not concerned with costs, but rather with the good things.
What are Marginal benefits?
This is a monthly plan for spending and saving money earned.
What is a budget?
This type of tax is taken out of your paycheck directly and is used to fund an income and/or healthcare for you after you reach the federal retirement age.
What are Payroll Taxes? (Social Security and Medicare are types of Payroll taxes)
This is a tax on assets and property transferred after a person's death.
Cash, stocks, insurance, real estate, etc are all included. Thankfully, you don't have to worry about these unless you are both transferring property worth more than $12.06 million and are dead.
What are Estate taxes?
This type of investment in a corporation is perfect for someone who isn't afraid of potential losses and is interested in large potential profits.
What are stocks?
This economic system is characterized by little change and little specialization.
Any society practicing this economic system is typically based on agriculture.
What is Traditional economics?
This type of fraud is when someone uses your personal information such as your name, Social Security number, or credit card numbers without your permission for their own benefit.
It is not a joke, Jim.
What is Identity Theft/Fraud?
This is the type of complete and total economic advantage a country may have if they are the best at producing something, regardless of how they compare to other countries.
What is an Absolute Advantage?
This is a formal document that a job applicant creates to itemize their qualifications for a position.
Mr. Lindsay highly recommends turning this project in since it accidentally ended up being worth 20% of your grade.
What are Resumes/Cover Letters?
Increasing a tariff will do this to the price of imported goods.
What is Increase?
This economic system is characterized by government/state control of the means of production.
The Soviet Union is the most famous practitioner of this system.
What is Command economics?
These types of laws protect you in the marketplace and include food labeling laws.
They are designed to insulate you from suffering fraud from large and/or small businesses.
You can invest/risk your money by buying parts of a company called this:
What are stocks? (Also acceptable are Shares or Stonks).
This is the government organization you have to file your taxes with. If you're lucky, they may even send you some money back.
What is the IRS?
When a country imports more goods than they export, this is called a Trade _________.
What is Trade Deficit?
This type of economic system is characterized by private control of the means of production and profit as an incentive.
The government is supposed to have a minimal role in operating these economies.
What are market economies?
What is the W-2?
While you may not have an absolute advantage, you'll still this type of advantage if you can do something at a lower Opportunity Cost than another, even if you're not the best.
What is Comparative Advantage?
This is the first step in the Estate Planning process and will determine who will inherit your property and manage your financial affairs after your death.
What is a Last Will and Testament?