Free Enterprise
Who is the person who creates or supplies goods or services?
Producer
What kind of resource that occur naturally and that are used to make goods or provide services?
Natural resource
Fire Station, library, library books, roads, police, street lights, public water works, street cleaning, courts, etc.
Name one example of something that can be a public good and service or could be a private good and service.
School, medical services, TV (PBS), animal shelters
What is a good produced and offered for sale?
Product
This is one of the 3 kinds of resources - this resource deals with labor, skills, and abilities of workers.
Human Resource
Is there usually only one tax that citizens have to pay?
No - there are different kinds of taxes taken out. Some examples are property tax, income tax, sales tax, payroll tax...etc.
Who pays for private goods and services?
The people who buy them.
What is the term used for a sample or model of a good to be produced?
Prototype
This is one of the 3 categories of resources - it deals with things made by people and used to produce goods or offer services - a factory for example.
Capital Resource
The amount of money an employee receives after taxes and other deductions have are taken from a paycheck.
Net Pay
What are some examples of private goods and services?
Anything you buy - roller skates, movie tickets, popcorn at the theatre, malls, stores, etc.
When a business sells enough goods or services that they have money left over after the business pays all of its costs (employees, rent, utilities, etc.)?
Profit
Name the 3 different types of resources.
Human, Capital, and Natural Resources
Gross Pay
What is the situation called in which people cannot have everything they want because of limited resources? (Example - this happened 5 years ago with toilet paper)
Scarcity
Give 2 example of a natural resource that would be used at McDonald's.
Many things there - any foods - hamburger meat, pickles, tomatoes, potatoes/fries, etc.
Taxes