Taxes
These type of tax, seen in the US, has higher income earners pay a higher percentage.
What is a progressive income tax?
the willingness and ability of producers to offer goods and services for sale
What is supply?
The desire and ability to pay for an item
What is demand?
The man who is credited with defining capitalism
Who is Adam Smith
Laws created to control and manage monopolies
What is anti trust legislation
This type of tax is when all earners pay the same percentage, not the same amount, regardless of income level.
What is a flat/fair/proportional tax?
When people are willing to pay more for an item, this is the change in the supply by the producer.
What is an increase of supply?
A celebrity endorsement causes this to happen to demand
An example of a society where old customs answer the basic economic questions
What is a traditional economy
Market value of all goods and services produced in a given year
School funding comes from this type of tax
What is property tax?
What is decrease the price?
Skippy's PB is half off this week. How will this impact the demand of Jif.
demand will decrease?
Most countries in the world, including the US are an example of this type of economy
What is a mixed economy?
Is seen when a business is the only supplier of a product because they just created it.
Social Security and Medicare are withheld from your paycheck, it is because of this four letter acronym.
What is FICA or Federal Insurance Contributions Act?
(this is a question not an answer) Explain the impact on supply and price when there is a new technological advancement in production.
Supply will increase and price of the good will decrease
Used by business owners to gather the information for demand schedules
What is market research?
Cuba, Venezuela, and Vietnam are examples of this type of economy
What is a command
Reducing or limiting the rules and laws on businesss
What is deregulation?
A tax on the purchase of a specific product. A sin tax is an example
What is an excise tax?
(this is a question not an answer) Explain the impact on supply and price when there is an issue in production, such as a machine breaking
Supply will decrease and price will increase
When there is no substitute for a good, it's demand is this term
What is inelastic?
The three basic economic questions
What, how, for whom
What is monopolistic competition?