Economic Systems
Traditional, Command, Market, and Mixed are types of what?
Types of Economic Systems
A structure where a few large businesses exist in the marketplace and can set prices.
Oligopoly
What two types of taxes are withheld from an employee's paycheck?
Federal Income Tax, FICA Tax (Social Security and Medicare)
What is the 50/30/20 rule used for in personal finance?
Budgeting
The value of the next best alternative when making a decision.
Opportunity Cost
An economic system that is drive by religion, law, and customs is called what?
Traditional
A type of monopoly where the cost of production is too high for more producers.
What tax is paid on certain goods and services?
Excise Tax
The potential of an investor to endure losses in the value of the assets they own.
Risk
What exists when the demand for a good or service exceeds the supply? (Unlimited Wants, Limited Resources)
Scarcity
What two types government are controlled by command economies?
Socialism and Communism
Consumers have a controlling influence on the market.
Consumer Soveriegnity
This form determines the amount of income tax withheld from an employee's paycheck.
W-4 Form
Name one type of retirement account that offers tax advantages.
401k or IRA
What is it called when the government sets a maximum price that a good can be sold for?
Price Ceiling
Supply, Demand, and Individual Choice are driving factors behind which economic system?
Market Economy
There are few barriers, no control over prices, and products are identical.
Pure Competition
What form is used by individuals to file their federal taxes?
1040-Form
An investment vehicle that pools money from multiple investors to invest in diversified securities.
Mutual Fund
What is the term for the total value of all goods and services produced in a country at a specific period?
GDP (Gross Domestic Product)
Which terms describea the “hands off” governmentAl approach that is used in Market economies?
Laissez-Faire
A structure where many sellers produce the same item but each producer sets its price.
Monopolistic Competition
April 15th
What is the money left over after covering essential expenses?
Discretionary Spending
What economic term describes the overall decline in the purchasing power of a currency over time?
Inflation