Vocabulary
This term describes using money right now.
What is spending?
What is a natural resource?
The type of tax you pay when you buy something at the store.
What is sales tax?
Name this step of the cost benefit analysis process: List all the possible consequences of each choice.
What is consequence?
This is where the government gets most of its money.
What is taxes?
This term means setting aside money to purchase something later.
What is saving?
This type of productive resource includes factory workers, farmers, and secretaries?
What is a human resource?
The type of tax you pay when you own a home.
What is property tax?
Name this step of the cost benefit analysis process: Decide on the chances of each consequence actually happening.
What is chance?
If you sell an item for more than it cost you to make it, this is considered...
What is (gross) profit?
This term describes the money that the federal government has available to spend.
What is revenue?
This type of productive resource includes buildings, equipment, and computers.
What is a capital resource?
The type of tax that takes a percentage of the money you make from your job.
What is income tax?
Name this step of the cost benefit analysis process: Select the choice that has more positives than negatives in order to solve the given problem.
What is choose?
If you sell an item for less than it cost you to make it, this is considered...
What is (gross) loss?
This term means spending money on something in hopes of gaining more money.
What is investing?
Give an example of each type of resource (your example must be something that has not already been named)
Human: teacher, fireman, policeman
Natural: land, water, trees, minerals
Capital: schools, hammer, delivery truck
Federal taxes pay for these things.
What are the military and federal judges?
This is why a cost benefit analysis is done.
What is 1. to compare ideas to see which would be the best choice and 2. to help government officials tell if a decision is a good idea?
This is how you would calculate your profit.
What is finding the difference between your cost and what you made (profit)? (revenue minus cost equals profit!)
This happens when people's unlimited wants and needs can't be met.
What is scarcity?
Name the productive resources needed to bake chocolate chip cookies.
Natural: flour, water, chocolate, eggs, milk, butter
Capital: oven, cookie tray, mixing bowls, utensils
Human: the baker, the consumer
City taxes pay for these things.
These are the steps of a cost benefit analysis.
What is 1. compare potential costs and possible advantages, 2. list all possible costs, and 3. consider a tax to create greater revenue?
The fidget I bought for $3.00 was sold for $5.00. The gross profit would be?
What is $2.00?