Supply and Demand
This happens to the price of a product when demand increases but supply stays the same.
Price Increase
planning how you will spend your money. It’s important because it helps you avoid spending too much and lets you save for future goals
Budgeting importance
General state or city tax levied on a product at the time of sale.
What is a sales tax?
This is the name for when countries trade goods and services with each other.
What is international trade?
A government-imposed maximum price that sellers can charge for a product or service.
Price Ceiling
Certificate of Deposit, Real Estate, Bonds, Trusts, Mutual Fund, Stockmarket, CryptoCurrency
Forms of Investments
Branch of the U.S. Treasury Department that collects taxes.
What is the Internal Revenue Service (IRS)?
This is the type of money used in a country, like the U.S. dollar or the Dominican Republic peso.
What is currency?
occurs when consumer willingness to purchase increases without a corresponding change in quantity supplied.
Upward pressure
when a person or business can’t pay their debts. Anyone who owes more than they can pay can file.
Bankrupcy
A relatively high tax designed to raise revenue while reducing consumption of a socially undesirable product
What is a sin tax?
This term describes a tax on goods that are brought into a country from another country.
What is a tariff?
more of the product is sold. The price might go up, down, or stay the same, depending on which one increases more.
Supply and demand increase at same time
lets you borrow money from the bank to buy things now and pay later. If you don’t pay it all by the due date, you get charged interest
Tax in which percentage of income paid in tax is the same regardless of the level of income.
What is a proportional/flat tax?
This major trade agreement between the U.S., Canada, and Mexico was replaced by the USMCA in 2020.
What is NAFTA?
This is the point where the quantity demanded equals the quantity supplied, and no shortage exists.
market equilibrium
like a loan you give to a company or the government. They promise to pay you back later with extra money (interest).
Bonds
Personal income tax rate that applies to cases where taxes would otherwise fall below a certain level.
What is an alternative minimum tax?
This is the term for when a country sells its goods to other countries at very low prices, often hurting local businesses in the importing country.
What is dumping?