An economic obligatory contribution to the government.
Tax
100
A benefit by the government.
Subsidy
100
Who is taxed more in the U.S. Tax system?
The Rich
100
What are the four factors of production?
Land, Entrepreneur, Capital, and Labor
100
What is a budget?
A plan for spending and saving money each month.
200
The process to change materials and resources into goods for consumers.
Production
200
machines and equipment developed from science..
Technology
200
What type of tax system does the United States have?
A progressive Tax system
200
What factor of production is most important and do people have most control over?
Entrepreneurship
200
What type of economy does tradition and family determine the economy?
Traditional
300
A rule, principle, or law to govern and control.
Regulation
300
A belief that something will happen in the future
Expectation
300
What is a tax credit?
Money that is given to you by your taxes
300
What is an Entrepreneur?
Someone who begins a new company of services or production
300
What determines supply?
Production
400
property owned by a person or company, regarded as having value .
Aset
400
a certificate issued by a government or a public company promising to repay borrowed money at a fixed rate of interest at a specified time
Bond
400
Who do you pay taxes to in the United States?
The IRS (Internal Revenue Service)
400
What is land?
Anything from the earth, The space we occupy, Natural Resources
400
What is tax evasion?
No paying your taxes. It is a federal felony.
500
Compound interest is interest added to the principal of a deposit or loan so that the added interest also earns interest from then on. This is interest on interest.
Compounding Interest
500
company that brings together a group of people and invests their money in stocks, bonds, and other securities. Each investor owns shares, which represent a portion of the holdings of the fund.
Mutual Fund
500
What is a tax deduction?
When an amount is deducted or taken away from your taxes.
500
What is Scarcity?
When society does not have enough resources to produce all the things people want and demand
500
What are savings?
Money you put in a bank to gain interest and to use later.