Free Market
Person/group living in a certain residence.
What is a household?
Something essential for survival. (food or water)
What is a need?
Name 3 types of risks.
Economic , pure, personal, property, liability, controllable.
required payment to a local, state, or national government.
What is a tax?
Represents ownership in a public cooperation.
What is stocks?
An organization that uses resources to produce a product/service to sell.
What is a firm?
The physical objects that someone produces.
What is goods?
Process of identifying, assessing, and mitigating risks in order to reduce the likelihood of negative outcomes.
The final burden of a tax.
What is incidence of a tax?
Own personal gain.
What is self- interest?
When consumers want more of a good than what is available.
What is a shortage?
Can result in financial loss. Along with personal, property, and liability risk.
What is economics risk?
IRS official inspection of one's taxes.
What is audits?
A plan that helps manage you money.
What is a budget?
Hope of reward or fear of penalty.
What is incentive?
The effort people devote to paid taxes.
What is labor?
Relates to harm or injury to other people or their property because of your actions.
What is liability risk?
Form completed by the employee and used by employer to determine how much to withdraw.
What is a W-4 form?
The desire to own something and ability to pay for it.
What is law of demand?
Productive efforts of individuals and businesses on a limited number of activities.
What is specialization?
The study of how people seek to satisfy their needs/wants.
What is economics?
Presents the chance of loss but no opportunity for gain.
What is pure risk?
Provides benefits for retired workers and their dependents as well as the disabled.
What is Social Security tax?
When the market is doing bad.
What is a bear market?