What's That Term?
Current Events
Goods/Services
Taxes
Econ in Government
100
What economic concept relates to the cost of the next best alternative use of money, time, or resources when one choice is made rather than another?
Opportunity Cost
100
The United States has the highest ____ in the world with $20.94 trillion.
GDP (Gross domestic product)
100
A _________ is something that you buy and consume. They are things you can keep, eat, or use.
Good
100
In the United States, we have a _________ tax system.
Progressive
100
This ideology believes in fiscal policy that increases taxes and government programs.
Liberals
200
What economic concept relates to countries relying on one another to provide the goods and services that their citizens consume?
Economic interdependence
200
As of Apr 2022, the ___________ _______ stands at 3.6%, almost the lowest it's been since before the pandemic (Feb 2020: 3.5%)
Unemployment Rate
200
Provide one example of a service.
TBD
200
A ______ tax is a tax with a single rate on the taxable amount.
Flat
200
This ideology believes in fiscal policy that lowers taxes and has less government programs.
Conservative
300
The __________ ____ __________ relates to situations where necessities have little monetary value, whereas some necessities have much higher value.
Paradox of Value
300
April showed a slight dip in _________ in the United States. It was the first positive reading on ________ since the war in Ukraine.
Inflation (annualized rate fell to 8.3% from 8.5%)
300
Due to a shortage of this item, car manufacturers have found themselves removing some of the features we love in our cars such as heated seats and heated steering wheels.
Computer chips
300
If you make $539,901 or more, you are in which tax bracket?
37%
300
Mandatory spending includes these two government programs that are funded through payroll taxes.
Medicare and Social Security
400
What is the name of the market where productive resources are bought and sold... EX: Plastic, cotton, etc.
Factor market
400
Several imported foods like cheeses, avocados, and other foreign-produced items are currently experiencing a ____________, which is causing prices to rise.
Shortage
400
The past two years has seen an increased demand for this particular service, primarily because of the COVID Pandemic....
Nurses, doctors, etc. (healthcare workers)
400
A ________ tax is a tax on your right to transfer property at your death.
Estate
400
This type of government spending is proposed by the President and has to be approved by Congress.
Discretionary Spending
500
The skills or knowledge gained by a worker through their education and/or experience is called...
Human Capital
500
This famous entrepreneur and investor, was the CEO of Microsoft and is currently the owner of the Los Angeles Clippers basketball team.
Steve Ballmer
500
When creating a budget, it's important to properly classify your ___________ _______ ___________ so you can properly allocate your funds.
Wants and Needs
500
This tax is often referred to as the "hidden tax."
Excise tax
500
The United States has a ______ economy, also referred to as a Capitalist economy.
Market