TAX
ECONOMIES
INDICATORS OF SUCCESS
Movement of Countries
What Makes an Economy
100
A tax paid on property a person owns
What is property tax
100
A central authority plans and controls what is produces and distributed
What is a Command Economy
100
The ability to read and write
What is literacy
100
The amount of money left over after all of the costs of production
What is Profit
100
The process of making goods and services
What is production
200
A tax paid on products people buy
What is Sales Tax
200
Type of economy where good and services are traded, but money is rarely exchanged
What is a Traditional Economy
200
The average life span of a newborn; this is an indicator of the overall health of a country
What is life expectancy
200
The rivalry among businesses to sell goods to consumers and make the greatest profit
What is competition
200
Objects of value acquired and used by consumers
What are goods
300
A fee charged by a government on a product, income or activity
What is tax
300
What is produced and distributed is based on what consumers are willing to buy and the price they will pay
What is Market Economy
300
The number of deaths of infants, one year or younger
What is infant mortality
300
Increase in the output per worker or other resources used for production
What is Increased Productivity
300
Moving goods and services directly to or near consumers
What is distribution
400
A tax paid on wages, salaries and interest a person earns
What is income tax
400
A combination of command and market economies
What is a mixed economy
400
The total value of all the good and services produced in an economy in a given year
What is the Gross Domestic Product (GDP)
400
Countries with strong economies and a high quality of life
What are developed countries
400
A person, company, or business that makes goods or provides services for consumers
What is a Producer
500
The current Michigan sales tax percentage
What is 6%
500
Current economy of the UNITED STATES
What is market economy
500
The amount of money people make in a country, divided by the number of people in the country
What is per capita income
500
A graphic representation of the relationship among the different components of a market economy
What is a circular flow model
500
One who takes risks, makes decisions, and organizes other productive resources to earn a profit
What is entrepreneur
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