$ 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?
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?
This process compares expected advantages vs time/resources lost to decide if an action is worthwhile.
What is cost-benefit analysis?
This shows how much of a good producers are willing to sell at different prices.
What is supply?
This refers to buying items using money that is borrowed and must then be paid back, usually with interest.
What is credit?
These are things people own that have value, such as houses or savings.
What are assets?
This is the value of the next best alternative you give up when making a choice.
What is opportunity cost?
This shows how much of a good consumers are willing to buy at different prices.
What is demand?
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?
Getting paid money for working overtime is an example of this type of incentive.
What is a monetary incentive?
This is the money a business earns after all costs are paid.
What is profit?
This refers to the number of people in an area who want a job but cannot find one
What is the unemployment rate?
This concept describes limited resources and unlimited wants.
What is scarcity?
Praise or extra free time are examples of this type of incentive.
What is a nonmonetary incentive?
This measures how efficiently goods and services are produced.
What is productivity?
This is what happens to the price of a good when the supply decreases but demand stays the same
What is a price increase?