Basics
What is a need
Anything that is used for survival
Which of the four levels of production is always the first to go when the economy isn't doing good
Capital
What is Gross Pay
Pay you get before taxes
What is a want
Anything that you desire that isn't for survival
Give me a example of capital
Hammers, Drills, Computers
3 Things GDP does not tell about a economy
1. Well-being of the population
2.How many unpaid workers there are in a economy
3. The sales of used-goods
What is net pay
The money you get after taxes
The way a country distribute its goods and services, is a what?
Economy
When the workforce is highly trained, they become ____________ Capital because of the specific skills they have
Human Capital
What is GDP
Gross domestic product (GDP) is a measure of the total value of goods and services produced in a country over a period of time
What is it called when a judge order money to be taken out of your paycheck, because you owe someone or a organization money
Wage garnishment
What is the difference between final goods and intermediate goods
Final Goods- The ending product
Intermediate Goods- The things that are used to make the final good
What are the 4 levels of production
land, labor, capital, and entrepreneurship
What is in GDP and what is not
In GDP
-Consumption by households
-Investments by businesses
-Government expenditures
-Net exports
Not in GDP
-Intermediate goods
-Used goods
-Underground Production
-Financial transactions
-Household production
What are examples of with-holdings in a paycheck?
Federal Income tax
State Income Tax
Social Security Tax
Medicare Tax
A 401(k) plan
A Roth IRA
Wage garnishment
Long-term disability
Vision Insurance
Dental insurance
Give the 3 reason for Scarcity
Not using the resource to the full potential
A sudden rush to use resource\
Own feelings of what is needed or wanted
Match the correct letter with what it represent in Y=C+I+G+(X-M)
C-Consumer spending
I-Investment
G-Government spending
X-Exports
M-Imports
Y-GDP
The difference between A 401(k) plan and a A Roth IRA
Difference between the two-401(k) is a tax-deferred plan offered through a workplace, a Roth IRA is an individual plan