VOCAB
This is decided after considering what one values
What is a choice?
The date taxes are due.
What is April 15th?
Represents a part of ownership of a business
What is a stock?
People choose
What is the first principle of economics
Amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed.
What is an interest rate?
The most desirable alternative given up
What is opportunity cost?
Three types on taxes structures
proportional, progressive, regressive
Issued by the government to raise money so there would be less money invested in small businesses
What is a bond?
Exchange benefits this person
Who is the trader?
Limited ability of resources
What is Scarcity?
Prevents a price from rising or falling above a certain amount
What is a price ceiling and price floor?
When government gets more than it spends
What is surplus?
Retirement plans that are taxable upon withdraw and contributes pre-tax on federal income tax basis
What is an IRA/401k/403b
True or false, skills and knowledge influence income.
True
The goods demand increases in when income decreases
What is an inferiors good?
A direct or indirect payment to individuals or firms of a cash payment from the government or a targeted tax cut
What is a subsidy?
What is a deficit?
Pool the savings of many individuals and invest this money in a variety of stocks, bonds and other financial assets to diversify their account and reduce risk
What is a mutual fund?
Military benefits are an example of the ninth economic principle.
What is government policies have benefits and costs?
The static quantity of a good when price changes
What is an elastic good?
All the alternatives given up when choosing one course of action over another occurs when making a trade-off is represented with this theory
What is Guns vs. Butter
State government's biggest expenditure
What is education?
Retirement plan that is tax deductible with no penalty withdrawals when used for higher education expenses and if held 5 years and 1st time home
What is a ROTH IRA
The sixth principle of economics states markets work with ____, ____, ____, ____ ____.
What is competition, information, incentives, and property rights?
Ability to produce a good at a lower opportunity cost than another.
What is comparative advantage