Circular Flow
This describes how money, goods, and resources move continually around the economy
What is Circular Flow?
An example of this business is Divine being the only worker, who keeps all the profits
What is a Sole Proprietorship?
This type of tax is taken out of your paycheck
What is Income Tax?
This is the United States’ central bank
What is the Federal Reserve?
This is what career planning begins with
What is self-assessment?
This is another way to say “individuals and families”
What are households?
An example of this business is Ava and Melanie equally dividing the work and profits
What is a Partnership?
Libraries, schools, and national parks are some examples
What are public goods and services?
The Federal Trade Commission breaks these up to increase competition
What is a monopoly?
This type of economy is found in the United States
What is a mixed economy?
This entity combines resources to create products
What is a firm?
People accept it as payment because they are confident others will accept it
What is money?
This type of tax is collected at the State and Local levels
What is Sales Tax?
This agency gives ratings and licenses to TV and radio stations
What is the Federal Communications Commission?
This is what happens when your skills and education increase
What is your income increasing?
When Jeremy sells resources at the Factor Market, he receives this.
What is Income?
An example of this business is Ramon investing $200 and only being liable for that amount
What is a corporation?
Even after you pay off your house, you still pay this every year
What is Property Tax?
The Fed increases the money supply to do this
What is stimulate the economy?
This is a person who takes risks to earn a profit
What is an entrepreneur?
This is where resources are exchanged for income
What is the Factor Market?
These are the three types of money
What are coins, currency, and deposits (in bank accounts)
More money is available to individuals/businesses when this happens to taxes
What is a tax cut/taxes going down?
Executive Branch agencies enforce contracts and property rights to protect "them"
Who are Consumers?
This amendment allows Congress to tax incomes
What is the 16th amendment?