Tax based on income - the higher your income the more tax one will pay
What is a progressive tax?
100
Name the three factors of production.
What is land, labor and capital
100
It is provided for by the government and it insures your money.
What is FDIC
100
An economic system that relies on custom and traditions.
What is a traditional economy
100
The doctrine that states the government generally should not intervene in the marketplace.
What is laissez faire
200
A larger percentage of tax is taken from low income individuals as compared to high income individuals. This hurts people with lower incomes.
What is a regressive tax?
200
He/She risks their own capital in order to make a profit.
What is an entrepreneur
200
One cause of the Great Depression that occurred as a result of WWI
What is overproduction
200
An economic system in which the government answers the three economic questions. It is found in Communist societies.
What is centrally planned
200
Name the Scottish social philosopher who wrote The Wealth of Nations
What is Adam Smith
300
Each tax payer is taxed at the same percentage.
What is a proportional tax?
300
This can be physical or human
What is capital
300
Name the president of the United States that with the help of Congress was able to pass 15 major pieces of legislation in his first 100 days in office.
What is FDR
300
An economic system that is characterized by private or corporate ownership of capital goods.
What is Free Enterprise
300
The most desirable alternative given up as a result of the decision.
What is an opportunity cost
400
Taxation and government spending lead to what?
What is changes in fiscal policy?
400
This is physical capital
What is money
400
The idea that the economy will fix itself
What is the invisible hand
400
An economic system that combines elements of a free market, centrally planned, and even traditional economy to meet the needs of the society.
What is mixed economy
400
The actions the Federal Reserve System takes to influence the level of real GDP and the rate of inflation in the economy.
What is monetary policy
500
The study of people and how they satisfy their needs and wants by making choices.
What is economics
500
People acquire skills and knowledge through experience and education
What is human capital
500
A political and economic theory of social organization that advocates all production, distribution, and exchange should be owned or regulated by the community as a whole.
What is Socialism
500
An economy based on voluntary exchanges in markets.
What is free market
500
Changes in the price level of consumer households, it gives monthly data on changes in prices paid by consumers.