Economic systems
what is communism?
A system of government, often attributed to Karl Marx, where the equality is mandated
Every person is provided the same living standard, in theory
What is produced, and by who, is “centrally planned”, meaning the government decides it.
what is price skimming?
a strategy where a product is initially priced high to maximize profits from early adopters and then gradually lowered to attract more price sensitive customers over time
what is the deadline for filing federal income tax returns?
April 15
whats the most popular color?
Blue
what is a market economy?
a market economy is one where decisions about production, investment , and distribution are guided by the interactions of citizens and businesses in the market place
what is penetration pricing?
a strategy used to attract customers by setting a low initial price for a new product
what is a tax refund?
when you have paid more in taxes throughout the year than you owe. The IRS returns the excess to you.
whats cardi b's net worth?
80 million
what is a country that does capitalism?
America
what is price elasticity?
measures how sensitive the quantity demanded of a product is to a change in its price
what is a tax credit?
directly reduces the amount of tax you owe.
whats a song that's in the titanic movie?
"my heart will go on"
what are opinions people have about capitalism?
Some say that capitalism leads to extreme inequality. For example, several Americans have achieved net worths of over 200 billion, while several million struggle with access to food
what is dynamic pricing?
a flexible pricing strategy where prices are adjusted in real time based on demand
what is a tax deduction?
reduces your taxable income
what teacher in shs travels more than 3 times a year?
Mathers
what is a command economy?
The government has significant control over the economy.
what is cost plus pricing?
a strategy where a fixed percentage or amount is added to the total cost of a product to determine its selling price.
what is a standard deduction?
a fixed dollar amount that reduces your taxable income
in what year did the great depression begin?
1929