Term
|
Definition
| levied on economic transactions, set on percentages or physical quantities, support state and local services |
|
|
Term
|
Definition
| come from earned and unearned income, levied on individuals and corporations, support state expenses, education programs, and welfare |
|
|
Term
|
Definition
| levied on property, especially real estate, can also be levied on boats, RVs, buisness inventories, fund schools, local services, welfare programs |
|
|
Term
|
Definition
|
|
Term
|
Definition
| unequals should be taxed unequally |
|
|
Term
|
Definition
| expenses that can be deducted before determining taxable income |
|
|
Term
|
Definition
| amounts that can be deducted from taxes owed |
|
|
Term
|
Definition
| a part of income on which no tax isw imposed |
|
|
Term
|
Definition
| tax paid directly to government, personal income tax, property tax on a residence |
|
|
Term
|
Definition
| can be shifted by a person or buisness, sales tax, business property tax, and payroll tax can be shifted |
|
|
Term
|
Definition
| wherever people buy and sell goods and services |
|
|
Term
|
Definition
| how much of something is available |
|
|
Term
|
Definition
| how much of something people want |
|
|
Term
|
Definition
| the condition that there are not enough resources available to satisfy all needs and wants |
|
|
Term
|
Definition
| is the most valuable alternative you give up when making a decision |
|
|
Term
|
Definition
| whatever you gain when making an economic decision |
|
|
Term
|
Definition
| how much change there has been in the price of certain goods |
|
|
Term
|
Definition
| which type of economic system is based on private ownership of property and the profit motive |
|
|
Term
|
Definition
| is making sure enough resources are available for the demand |
|
|
Term
|
Definition
| the system of producing distributing and consuming goods is known as |
|
|
Term
|
Definition
| the money a consumer earns on money deposited |
|
|
Term
|
Definition
| occurs when the demand for goods and services is greater than the supply |
|
|
Term
|
Definition
| occurs when there is a greater supply of goods and services than demand for them |
|
|
Term
|
Definition
| an economic indicator showing how well the economy is doing |
|
|
Term
|
Definition
| tax on foreign or imported goods |
|
|
Term
|
Definition
| all the buisness and trade occurring between the worlds nations |
|
|
Term
|
Definition
| a buisness owned by one person |
|
|
Term
|
Definition
| a buisness owned by two or more people who share the profits and losses |
|
|
Term
|
Definition
| a buisness owned by shareholders who have purchased stock, or shares of the business |
|
|
Term
|
Definition
| in this sytem a small group of government officals decide how to answer the four questions of economics |
|
|
Term
|
Definition
| underdeveloped nations, 4 questions of economics are answered by custom or tradition |
|
|
