Vocabulary
Factors of Production
taxes
Political Cartoons/MEMES
Economic Principles
100
What is economics?
Economics focuses on the financial motivations but goes over so much like $.
100
Name one of the four factor of production
-Land
-Labor
-capital
-entrepreneurship
100
taxes, What does it pertain to an economy?
It revolves around how a government or market works/It revolves around all of economy because without it you couldn't run a country.
100
What is in the Political Cartoon?
Factories, Production, and Tariffs that all deal with business.
100
One part is an action and the other is something you buy. ___________ vs _____________. Fill in the blanks.
Services vs Goods
200
What is a Traditional economic System?
The most basic economic system that deals with customs and traditions. That are through trade as currency in their market.
200
What factor of production would a teacher be an example of?
Labor
200
An example of this tax is income tax and the more you make the higher percentage rate you will be taxed. What type of tax is it?
Progressive tax
200
What was this political Cartoon about?
How the spending plan made by the government/congress loves creating a deficit.
200
What's the reason behind any choice
the incentive
300
What is microeconomics?
Microeconomics is buying decision/economic behavior of small groups/individuals
300
What factor of production would a Tree be?
Land
300
This is basically Santa Claus for the adults just that money is given back through a check, not from a chimney.
Tax Refund
300
What is the Political Cartoon trying to convey?
The government, specifically Republicans, have a hard time giving money back to everyday Americans. When they can give the money to the Billionaires for tax cuts.
300
Having limited resources but unlimited wants is...
Scarcity
400
What is a Private Good?
A good that once it is consumed it prevents another individual from consuming it. / A good that is privatized like healthcare or the Police.
400
What factor of production would a building be considered?
capital resources
400
Taxes are run by the _________________ and they go through the ____________________. Fill in the blanks.
IRS or International Revenue Service and it runs through the American Department of Treasury.
400
What is this Political Cartoon trying to convey?
That wages is being trampled by all the bills, prices, and things everyone has to buy.
400
What makes you able to avoid some fees in an economy?- This isn't taxes.
Free trade: like Mr. Pepin trading his new tablet for his new Macbook.
500
What does Revenue mean?
The total of all money that a company receives from people paying for its products or services/Used by companies.
500
What factor of production would Elon Musk be?
entrepreneurship
500
If the current total on a check is 3,000 and the deduction is 35%, what is the net pay?
$1,950: how is 3,000*35%=1,050 then 3,000-1,050=1,950
500
What is the meme going over?
It goes over the economic systems of capitalism and communism. Where they both wanted Cuba in the cold war during the Cuba missile crisis.
500
All choices involve a
cost