Goods vs Service
This term refers to physical items like clothes, food, and electronics that you can buy.
What are goods?
In this economic system, the government controls resources and makes all economic decisions.
What is a command economy?
This law states that when the price of a good rises, the quantity supplied usually increases.
What is the law of supply?
A high credit score is typically above this number.
What is 750?
This type of tax is taken directly out of your paycheck by the government.
What is income tax
A haircut or a car repair is an example of this type of economic offering.
What is a service?
This economic system relies on supply and demand to make decisions and is driven by consumers and businesses.
What is a market economy?
When demand for a product increases, what typically happens to the price?
What is it increases?
Paying this part of your credit card bill each month will help you avoid interest charges.
What is the full balance?
This form, received from employers, reports your annual earnings for tax purposes.
What is a W-2 form?
Goods are tangible, while services are this.
What is intangible?
The United States operates under this type of economic system.
What is a mixed economy?
A temporary surplus occurs when supply exceeds this.
What is demand?
This three-digit number indicates your creditworthiness to lenders.
What is a credit score?
This form is used by taxpayers to report total income not subject to withholding
What is a 1099 form?
This is an example of a good and service you might use every month.
What is a good and service?
This traditional economic system is often found in rural, farming-based communities.
What is a traditional economy?
This is the point where supply and demand curves intersect.
What is equilibrium price?
These two major factors account for 65% of your credit score.
What are payment history and credit utilization?
If the deadline to file taxes is April 15th, When should you fill out your W4 with your job?
As soon as you get the job
In economics, the production of goods and services to satisfy wants and needs is called this. Also, participates in product and factor market
What is the circular flow of economic activity?
This term describes economies where aspects of both command and market systems exist.
What is a mixed economy?
If the price of a complementary good like hot dogs increases, what happens to the demand for buns?
What is it decreases?
How much of your credit can you spend?
30%
This is the deadline for filing federal taxes in the United States.
What is April 15?