$ Basics $
This is money earned from working, salaries, or wages.
What is income?
These encourage people to act in a certain way, such as rewards or penalties.
What are incentives?
This is where buyers and sellers exchange goods or services
What is a market?
These come from nature and are used to produce goods.
What are natural resources?
This is money collected by the government to pay for public services.
What is a tax?
This measures the total value of what someone owns minus what they owe.
What is wealth?
Getting paid money for working overtime is an example of this type of incentive.
What is a monetary incentive?
This shows how much of a good producers are willing to sell at different prices.
What is supply?
Oil and coal are examples of this type of resource.
What are finite (nonrenewable) resources?
This refers to resources owned by the government and open to everyone.
What is public property?
These are things people own that have value, such as houses or savings.
What are assets?
Praise or extra free time are examples of this type of incentive.
What is a nonmonetary incentive?
This shows how much of a good consumers are willing to buy at different prices.
What is demand?
Sunlight and wind are examples of this type of resource.
What are renewable resources?
This is a tax on imported goods to protect domestic industries.
What are tariffs?
This is the money businesses use to invest in equipment, tools, or expansion.
What is financial capital?
This is the value of the next best alternative you give up when making a choice.
What is opportunity cost?
This is the money a business earns after all costs are paid.
What is profit?
This occurs when a resource is used up faster than it can be replaced.
What is depletion?
This measures the total value of goods and services produced in a country in one year.
What is GDP?
This concept describes limited resources and unlimited wants.
What is scarcity?
This process compares expected costs and benefits to decide if an action is worthwhile.
What is cost-benefit analysis?
This measures how efficiently goods and services are produced.
What is productivity?
This situation occurs when individuals overuse a shared resource.
What is the tragedy of the commons?
This is the total amount of money the federal government owes.
What is the national debt?