DEFINE IT
People who make goods or provide services
Producers
To exchange without money
Barter or Trade
Name two categories our Federal Taxes pay for
HEALTH, DEFENSE, ED, VETERANS, DEBT,
MISC., INCOME SECURITY, SOC SECURITY, TRANSPORTATION
What is one example of a capital resource
various
The study of how people or societies manage their resources
Economics
A buyer of a good or service
CONSUMER
When currency is not easily destroyed
DURABLE
The tax we pay on the money we make at our job
INCOME TAX
A person who takes on risk to start a business
Entrepreneur
The general rise of prices of all goods and services
Inflation
To draw attention to or promote a product
Advertise
When currency can be easily split into smaller parts
DIVISIBLE
What kind of regressive tax do we pay when we shop for clothes
Sales Tax
What remains when you subtract cost from revenues
Profit
The price which people are willing to pay for a product
Market Price
The most valuable alternative you give up to choose something else
Opportunity Cost
When a currency can be easily stored or carried
PORTABLE
Two kinds of taxes are paid by everyone who earns more that $400. One is Medicare Tax, what is the other one
Social Security Tax
What did Ford use to improve productivity through specialization of labor
THE ASSEMBLY LINE
Name one reason a country might experience HYPER INFLATION
WAR, DROUGHT, CORRUPTION, PANDEMIC
When there are not enough things to supply every ones needs or wants
Scarcity
What motto is printed on all US currency
In God We Trust
What Government Service is responsible for collecting taxes
Internal Revenue Service
Three types of productive resources used to produce a good or service
NATURAL, HUMAN, CAPITAL
The total amount of money received before costs are deducted
Revenues