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Economic Basics
Factors of Production
Trade Offs
Gov Spending
Taxes
100
This is the term for something a human must have to survive
What is a need?
100
This factor of production is defined as natural resources that are used to make goods and services
What is land? 
100
This term is defined as the cost of selecting one alternative instead of another
What is a trade off?
100
This type of spending has been decided by an earlier United States law.  Money must be spent on this type of spending.
What is mandatory spending? 
100
This type of tax system proposes the same percentage of taxation on everyone regardless of how much money they make.
What is proportional tax?  Or flat tax
200
This economic term describes something that someone else does for you
What is a service?
200
This factor of production is defined as the effort people devote to a task for which they are paid
What is labor? 
200
This term is defined as the number one thing someone gives up when making a decision
What is an opportunity cost? 
200
This US government organization stabilizes prices, controls interest rates, and maximizes employment
What is the Federal Reserve? 
200
This type of tax taxes a higher percentage on citizens who earn more money every year. 
What is progressive tax? 
300
This term describes when there are limited quantities of resources to meet unlimited needs
What is scarcity?
300
This factor of production is defined as any human made resource that is made to create a good or service
What is capital? 
300
This term is defined as a cost or benefit that encourages action by a consumer 
What is an incentive? 
300
This type of spending is determined every year by congress.  It changes depending on what is needed.
What is discretionary spending?
300
This tax was passed by the 16th amendment and collects money from citizens pay for government services
What is income tax?
400
Which of the following is a WANT.  A new Iphone, a pair of Jordans, a bottle of water, a sandwich, a house 
The IPhone and the Jordans are wants 
400
List the factors of production (Land, Labor, Capital) for the following business.  A Subway sandwich shop. 
Land:  The property, lettuce, pickles, tomato, turkey, ham


Labor:  Cashiers, Sandwich artists, managers

Capital:  Cash registers, knifes, cutting machines, toaster oven, cutting boards 

400
Josh is buying dinner for his girlfriend.  He has to decide between tacos, pizza, and burgers.  Josh hasn't had pizza in a very long time.  His favorite food is burgers.  However, his girlfriend isn't feeling well and is craving tacos.  Josh buys tacos.  What are the trade offs, opportunity costs, and incentive?
Tradeoffs:  Burgers and Pizza


Opportunity Cost:  Burgers because they are his favorite!

Incentive:  Making his girlfriend happy and making her feel better

400
Discretionary or Mandatory spending?  Creating a new National Park in Utah?
What is Discretionary Spending?
400
This tax is levied on a family when they are given money in a will
What is estate tax?
500
Which of the following are services?  Getting your tires rotated, a barista makes you a cup of coffee at Starbucks, buying a bag of chips, buying cookies at Safeway. 
Getting your tires rotated and the barista making you a cup of coffee are services 
500
List the factors of production for the following business.  A barbershop.  
Land:  Water for wetting hair, the property the shop is on


Labor:  Hair stylists, barbers, people cutting hair, people dying hair, sweeping hair

Capital:  Scissors, Shaving cream, Electric Razors, Rotating seats, hair dryers

500
Mr. Elliott is buying a new toy for his cat.  He can choose between a fake mouse, a ball of yarn, or a speak toy.  The ball of yarn is very messy.  The squeak toy is his cats favorite but it is loud an annoying.  The fake mouse however is quiet and fun!  Mr. Elliott buys the fake mouse.  What are the trade offs, opportunity costs, and incentives? 
Tradeoffs:  Ball of Yarn, Squeak Toy


Opportunity Cost: The squeak toy because it is his cats favorite!

Incentive:  Buying a toy that is clean and doesn't make noise

500
Discretionary or mandatory spending?  The United States provides someone with unemployment while they are out of work.
What is mandatory spending?  
500
Calculate sales tax for the following:  Mr. Elliott wants to buy a new Nintendo Switch.  The Switch costs 300 dollars.  However, the sales tax in Hayward is 9.75%.  How much will Mr. Elliott spend on his Nintendo Switch?  
329.25