Just the Basics
This is the word for the way goods and services are consumed in a given society
What is the economy?
This is the term for how much of a thing you have and are willing to sell.
What is supply?
This is the term for how much money the government is able to spend on something!
What is a budget?
What are taxes?
All of a sudden, the Glockenspiel explodes in popularity and everyone wants one! This is what will happen to the price of the Glockenspiel.
What is "goes up?"
This is the term for what you are when you purchase something.
What is a consumer?
This is the term for how much people want to buy whatever it is you're selling.
What is demand?
These are the two terms for when the government is spending more than it has, and when it is saving more than it is spending.
What is deficit and surplus?
This type of tax is placed on goods that you purchase.
What is Sales Tax?
There was a problem at the local Target! They accidentally ordered 50% more laundry detergent than they wanted to, and they can't return it! This is what should should happen to the price of the laundry detergent so that they can offload the extra inventory quickly.
What is "goes down?"
This is the term for what you are when you make something to be sold.
What is a producer?
This concept implies that there is always something to be given up whenever you make an economic decision.
What is opportunity cost?
This type of law was put in place a long time ago in order to try and prevent monopolies.
What are anti-trust laws?
What is income tax?
There was a massive potato shortage this year! Based on this knowledge, this is what is going to happen to the price of french fries!
What is "Goes Up?"
This type of economy has no government intervention, and is allowed to operate entirely on its own.
What is a market economy?
This concept states that there no such thing as an infinite resource.
What is scarcity?
This type of government spending is allowed to be allocated to whatever is deemed most necessary.
What is discretionary spending?
These two different types of taxes are used for the same reasons, to dissuade people from purchasing products.
What are tariffs and excise taxes?
Holly Wood decided to spend 3 hours and $20 the night before an exam at a local movie theater. This is her opportunity cost for the night.
What is "Studying for 3 hours and being able to spend the $20 somewhere else?"
This type of economy is what the United States is.
What is a mixed economy?
What is competition?
This type of government spending can only be spent on what was predetermined.
What is mandatory spending?
This type of tax effects lower income earners less than higher income earners.
What is a progressive tax?
Fred Barmer decided to plant wheat in his fields for this season. This is his opportunity cost for that decision.
What is "The ability to plant different crops, or utilize the farm equipment for something else that year."