Econ terms
Economies
Government Revenue
Government
Misc
100
Meeting people’s unlimited wants with scarce resources.
What is scarcity?
100
Command Economy
What type of economy is North Korea?
100
The federal tax on people's earnings.
What is income tax?
100
The dollar value of all final goods, services, and structures produced within a country's borders in a 12 month period.
What is GDP (gross domestic product)?
100
Got tired of sweating t-shirts so he invented Under Armour.
Who is Kevin Plank?
200
This good last for 3 years or more.
What is a durable good?
200
The Inuit's Eskimo tribe is an example of this economy.
What is a traditional economy?
200
A general tax levied on most consumer purchases.
What is a sales tax?
200
Annual government spending that is in excess of taxes and other revenues.
What is deficit spending?
200
Professional athlete at age 14 and best skateboarder in world by 16 and owner of his own skateboarding video game.
Who is Tony Hawk?
300
The cost of the next best alternative.
What is opportunity cost?
300
The United States is an example of this economy.
What is mixed economy?
300
A federal health-care program for senior citizens.
What is Medicare?
300
Decides interest rates, tries to keep the economy running smoothly and controls banks.
What is the FED?
300
Considered a entrepreneur, didn't graduate college, and transformed the cell phone.
Who is Steve Jobs?
400
This good last for less than 3 years.
What is a non-durable good.
400
A central authority that makes decisions on WHAT, HOW, and FOR WHOM to produce.
What is a command economy?
400
A tax on cigarettes and alcohol.
What is a sin tax?
400
Drop in the GDP after 2 cycles.
What is a recessions?
400
Is the richest man in the world with 81.1 billion.
Who is Bill Gates?
500
An alternative choice.
What is a trade off?
500
People make decsions in their own best interest and buyers and sellers come together.
What is market economy?
500
An annual report by a taxpayer filled with the local, state, or federal government detailing income earned and taxes owed.
What is a tax return?
500
Tax on imports, helps balance or protect U.S. business
What is a tariff?
500
Berkshire Hathaway, is 81 years old, and considered a business genius.
Who is Warren Buffet?
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