SQ#3
What is the definition of taxes?
What is a good?
Something you can touch, see, maybe even consume
What does import mean?
If supply decreases, what happens to the demand?
The demand increases
What type of tax is an added fee when you buy something?
Sales tax
What is a service?
Things that people do for you
What does export mean?
Goods or services that leave the country and go somewhere else
Who has to pay taxes?
Almost Everyone!
What type of tax takes money out of your paycheck?
Income tax
What is a consumer?
Person who buys and uses goods or services
Who is the U.S.A.'s biggest trading partner?
Canada
What is an example of a producer?
Nike, farmers, Car companies, a baker, a mechanic, a teacher, Adidas
What type of tax involves your home/land that you own?
Property tax
What is a producer?
Person or business that makes goods or provides services
What good can happen because two countries trade with each other?
Builds a stronger relationship and avoids fighting
Who doesn't have to pay taxes?
Kids with no income
Certain organizations (charities, churches, schools)
What is the main reason the government collects taxes?
To pay for public services and goods
What is supply and demand?
Supply is how much a product or service is available
Demand is how popular a product or service is and how badly people want it.
What bad things can happen between two countries when they trade with each other?
Feel like they are being treated unfairly, charged high tariffs, people losing jobs, etc.
Why are goods and services made and sent all over the world?
Lack of resources
Unable to support local demand
Can get better quality or cheaper price