VOCAB 1
make goods consumers want to buy.
Producers
people who make the good
EX: The sandwich maker (chef) used their skills and knowledge to make the sandwich
how many people want a product or service, and how much people are willing to pay for a product or service they want
Demand
When you pay for it, the cost may be higher than what was on the price tag.
Sales Tax
The ____ is something that is determined by the producer
Price
work done by someone for someone else
tools or machines used to make the good
EX: Sandwich: spoon, knife, plate
EX: Bread: ove
how much money something costs
Price
pay for things that keep the entire country safe and running well
Federal Tax
money that is earned by working
Income
people who make something or provide a service
Producers
items that come from nature to make the good
EX: Wheat, water, fruit, peanuts
if the price of something decreases, the demand for it will increase. Consumers want to save money and are drawn to
Bargain
get much of their money from state income taxes and sales taxes. States then use this money for many of the things that keep their communities running
State Tax
iPhones are always in demand, so what will happen to the prices of these products?
STAY THE SAME AND INCREASE
people who buy or use goods and services
Consumers
an economy where most goods and services are produced and consumed in a free market
Market Economy
are money people pay the government
Taxes
are taxes paid to a city or county government. They’re used for things like building, maintaining, and cleaning town parks.
Local Taxes
After the holidays, what will happen to the prices of wrapping paper
trade, such as trading goods and services for other goods and services or money
Exchange
how much of a product, service, or resource is available
Name 3 kinds of Taxes
Sales tax, Income Tax, and Property tax
Why Taxes matter?
the value of the services their tax money pays for, including programs that help others and the country as a whole.
Certain dog breeds are rare. What happens to the prices of these dogs?
Increase