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Economics & Choice
Taxes and Entitlements
Personal Finance Tools!
Credit
Trade and Tariffs
100

In our Zoo example, what was the scarce resource?

Acres of land

100

This demographic group benefits the most from entitlement programs

The elderly (Old people)

100

The name for someone's salary before taxes

Gross income

100

The highest credit score someone can get

850

100

A tax imposed by a government on imported goods and services, designed to make foreign products more expensive

Tariff

200
Living in a world of unlimited wants but limited resources

Scarcity

200

The higher income you make, the more taxes you have to pay

Progressive Tax System
200

This rule splits money into needs, wants, and savings

The 50/30/20 rule

200

These three factors impact your credit score the most

Payment history, Amounts Owed, and Length of Credit History

200

When exports are greater than imports

Surplus

300

Name one scarce resource.

 Land, money, time, food, water

300

This branch of government creates the Federal Budget each year

The Legislative Branch (Congress)
300
According to teenagers, this characteristic is the most important when following an influencer

Authenticity

300

Name one method that can build your credit score

Repaying your loans on time, paying your bills on time, and using a credit card

300

According to the U.S. Census Bureau on international trading, the United States is in a

Trade deficit

400

A balance of two desirable but incompatible features, also known as a compromise

Trade-offs

400

According to a 2022 survey, Americans paid this much of their income in taxes

14.5%

400

This is the tax formula to calculate how much money you paid to the federal and state government

Gross income x .17, .20, or .22 = Taxes deducted

400

Name one myth about credit scores

You should carry a balance on your credit card, All debt is bad debt, and It’s bad to use a credit card

400

Who ends up paying for tariffs?

You! (The consumer/buyer)

500

One question to ask that can determine whether something is a scarce resource

Is it limited and desirable?, Is there more than one use for it?, and Would someone pay money for it?

500

These are two entitlement programs deducted on every paycheck

Social Security, and Medicare

500

According to "A Social Media Could Save You Money" article, this was the number 1 item on the list of recommendations

Sticking to a budget

500

What are your 2 options when paying your credit card

Paying off the whole amount due or paying the minimum payment

500

Goods shipped out of a country for sale

Exports