Factors of Production
Money to invest in stocks and tools, equipment, factories or buildings used in production of goods and services
What is Capital?
What people are willing to buy at various prices is called....
What is Demand?
A colleges published tuition and fees.
What is Sticker price?
The first is your pay before taxes and the second is your take home pay after taxes.
What is Gross pay and Net pay?
In January, workers wait for at least one of two forms needed to file taxes. What are they? 1.)The first shows money earned and taxes taken out. 2.) the second shows money earned, but taxes have not been taken out yet.
What is 1.) W-2 and 2.) 1099
Natural resources not created by human effort. Examples:Deserts, fertile fields, forests, animals, and birds
What is Land?
As the price increases, the quantity demanded for a good or service does what?
What is decreases?
Money given to a college student through Private or Government funding that the student MUST pay back with interest.
What are Student Loans?
The type of tax that is taken out of your paycheck and used by different levels of government to provide services. It reduces your pay from gross to net.
What is Income tax?
The master tax form that everyone completes in April to file their taxes is...
What is a 1040?
The time and effort people devote to producing goods and services in exchange for wages, includes both physical and mental
What is Labor?
What happens to Demand as price declines?
What is increases?
A type of Financial Aid in which free money for college is given and you do not need to work for or pay back.
What is Gift Aid?
If citizens vote to put a $1 tax on all tobacco and alcohol, this type of tax is....
What is Excise tax?
A tax that takes a larger percentage of income from high-income groups than from low-income groups.
What is Progressive?
A risk-taker in search of profits and responsible for economic change. Starts new businesses, creates new products and innovative use of resources
What is an Entrepreneur?
What causes the curve to shift to a new position on the graph?
What is a shift/change, or an increase or decrease in demand?
The difference (subtraction) between the Sticker Price and the amount of Gift Aid/Tax credits gives you the....
What is the NET price?
After purchasing a home, you may get a bill from the county and/or city to pay a tax for being a homeowner.
What is Property Tax?
A tax that takes a larger percentage of income from low-income groups than from high-income groups.
What is Regressive?
There are three basic economic questions that producers try to answer when making products.
What are:
1.) What to produce, 2.)How to produce it 3.) Who to produce it for???
When there is a quantity consumers are willing to buy equals a quantity producers are willing to sell is considered to be.....
What is Equilibrium?
Every year you attend college, you should complete a free application to determine if you qualify for any type of financial aid.
What is FAFSA?
Paying a toll for driving on a specific road or lane (HOV/EZ Pass) is an example of...
What is a User Fee?
A tax that takes a larger percentage of income from low-income groups than from high-income groups.
What is Regressive?