Supply/Demand/international Trade and Globalization
Personal Finance
100
Sole proprietorships, partnerships, and corporations
What are the three types of businesses?
100
Land, labor, capital, and entrepreneurship
What are the economic factors of production?
100
the most desirable alternative given up as the result of a decision
What is opportunity cost?
100
- expensive
- credit score
What is the costs of buying insurance?
200
- two or more persons
- contractual relationship
- lawful business
- sharing of profits
What are characteristics of a partnership?
200
consumers have the choice to make a decision that will impact a future event
What is choice?
200
tax where % of income paid in tax rises as level of income rises
What is a progressive tax?
200
the ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.
What is absolute advantage?
200
- covered for life
- choose your payment plan
What are the buying benefits of buying insurance?
300
- unlimited life
- limited liability
- separate legal entity
What are characteristics of corporations?
300
lack of resources has resulted in some issues in different parts of society
What is scarcity?
300
tax where % of income paid in tax is the same regardless of the level of income
What is a proportional tax?
300
-workers are paid less
- directly affects local producers and small businesses
- harmful to environment
What are costs of participation in international trade?
300
- potential for higher returns
- some stocks and dividends
What are the pros when considering to invest in stock?
400
type of economy where products, prices, and services are determined by the market, not the government. It is capitalism.
What is a free enterprise?
400
tax where percentage of income paid in tax goes down as income rises
What is a regressive tax?
400
- # of varieties of products increases
- cheaper price
- increase in supply of products
What are the benefits to international trade?
400
personal finance, create and maintain emergency fund, credit card debt, etc.
What factors should a person consider when investing?
500
- do not have to pay income tax
- easy to establish
- increased ability to raise funs when there is more than one owner
What are the advantages of a partnership?
500
a government that directly manages their nation's social and economic affairs.
What is socialism?
500
a compulsory contribution to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.
What are taxes?
500
- Govt. Regulation
- Taxes
What causes a change in supply?
500
Bad credit score = no borrowing
good credit score = borrowing