Taxes
True or False: Taxes are used to pay for public schools
True
natural, capital, and human
T-shirt
private
This is the way that a place manages its money and resources
An Economy
This is the amount of goods you have to sell
supply
What is the tax that you have probably paid yourself?
What kind of resource is wood
natural
hamburger
private
What kind of Economy does the United States Have?
Free Market Economy
This is the number of people that what to buy something
demand
True or False: Movie Theaters are paid for by tax money
False: those are paid for with private money
What kind of resource is a hammer
capital
street light
public
This is what you give up in order to do something
cost
My supply is high but the demand is low so the price will go
down
What are the three kinds of taxes citizens pay?
Income, Property, and Sales Tax
What kind of resource is a factory worker
human
police force
public
This unit of Social Studies is all about what?
The Economy
up
What kind of property is property tax for?
cars, boats, trailers, etc.
Give an example of a capital resource
Tools, equipment, factories
What is the difference between a public and a private good?
Public = for all people, usually bought using tax money
Private = bought with your own money for you or for someone else
What is a cost benefit analysis?
Making a decision by thinking about the good things and the bad things about each choice
Give me an example of a situation where the price of something might go up. Use the words supply, demand, and price. Tell me what you are selling.
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