Types of Government
This system gives citizens the power to vote directly on many laws and decisions rather than electing representatives.
direct democracy
In this economy, supply and demand determine prices and production; businesses are mostly privately owned.
Free Market or Capitalist
Tax on purchased goods (can be local city, county, or state)
Sales Tax
When resources are limited and cannot meet all wants and needs; prices usually go up because of this
scarcity
Describes your total wages before taxes and deductions are taken out?
gross pay
A government ruled by a king or queen
monarchy
A traditional economy often uses which method of exchanging goods instead of money?
trade/barter
Tax on land or house ownership
Property Tax
When the quantity supplied of a good/product is greater than the quantity demanded at a given price and usually results in sales or reduced prices
surplus
amount on your paycheck that you actually get to keep (after taxes are taken out)
net pay
This system is based on religious leaders or religious law controlling the government.
Theocracy
Type of economic system the USA has
Mixed Economy, more market than command
Tax on imported goods in hopes that local businesses are able to sell more than foreign competition
Choosing to study for a test instead of playing video games — the time you would have spent playing is an example of __________?
opportunity cost
Types of taxes taken out of each of your paychecks (3)
income tax, Medicare tax, & Social Security tax
One way oligarchy differs from a democracy
Differs from democracy because power is concentrated in a few rather than elected by citizens.
The dictator makes a new law that all movie theaters must only show their movie and no others. All movie theaters must also all look the same and cost $20 to get in to view. What type of economic system is this?
Command
Tax taken out of your paycheck that helps fund the federal retirement program
Social Security tax
The path goods take from production to the consumer (including suppliers, factories, and distribution). It matters because disruptions can cause shortages in stores.
Supply Chain
How much a person makes per hour
rate of pay
The USA has this type of government
representative democracy
You own and run a bakery. The government wants to inspect your bakery supplies for the health, safety, and cleanliness of your business. What type of economic system is this?
Mixed economy
Hidden tax that producers are to pay, but are often just added to the price of products; often on unhealthy items for people or the environment
Excise Tax
YTD
Health Insurance
401K or 403B