Random
The branch of knowledge concerned with the production, consumption, and transfer of wealth.
Economics
An economic system in which individuals decide for themselves what to produce and sell, without any intervention of the government
Free market economy
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so:
entrepreneur
provision that reduces a taxpayer’s final tax bill, dollar-for-dollar.
tax credit
a single unit of ownership in a company or financial asset.
shares
The inputs needed for creating a good and service, and the factors of production include land, labor, entrepreneurship and capital.
Factors of production
An economic system in which the government controls a country's economy.
Command Economy
indicates there are falling prices
deflation
income that a firm receives from the sale of a good or service to its customers
revenue
Amount the borrower must pay for the use of someone else's funds
Interest
organizations that produce goods and services. They are typically owned and operated by individuals or groups of individuals, and are motivated by the desire to make a profit.
firm
the cost of the next best alternative use of money, time, resources when one choice is made rather another.
Opportunity Cost
the barest minimum physical necessities that a human need to survive.
Ex air, water, food
Needs
A tax determined by the value of an individual houses assets
property tax
Receiving of funds either directly or indirectly to buy goods and services today with the promise to pay them in the future. Amount owed is equal to the principal + interest.
credit
a microeconomic concept that shows the trade-off made when one goods is exchanged for another
budget
economic institution that operates like a business but does not seek financial gain; schools, churches, and community-service organizations are examples
Non-profit Organizations
means that society of limited resources and therefore cannot produce all the goods and services people wish to have
scarcity
The same percentage of income is taken from all regardless of income level
proportional tax
An installment debt that people owe on a property, buildings, or land.
mortgage
the income that a firm receives from the sale of a good or service to its customers.
Revenue
Legal agreement that allows you to sell a product in an area
Franchise
is the concept where the producers have the power to decide which products and services society will produce and consume
Producer Soverignty
tax based on an earners income collected by the federal government most states and some cites
Individual Income Tax
Investigation of a person's income, current debts, personal life, and past history of borrowing and repaying debts. Supplies a credit rating afterwards
Credit Check