Economics Flashcards
long-term goal
6+ long month goal
scarcity
limited supply of something
budget
the amount of money a person has to spend or a plan for spending and saving money
cost
value of something
expenses
cost of something
short-term goal
1-2 month goal
behavior
what you do or the way you act
consumer
buyer of goods or services
negative incentive
financial punishment for a decision
service
work people do for others
good
products people buy
entrepreneur
someone who starts a business at his or her risk with the goal of making a profit
capital
money used to invest in something
Export
something that is brought to another country to be sold or traded
Trade
when you give, or sell, one item to get another
bear market
stock market is doing bad
bull market
stock market is doing good
Property Tax
tax paid by a homeowner
Income Tax
government collects some of a person paycheck
What are the four factors of production
Human Capital
labor
land
physical capital
incentive
something that motivates or encourages someone to do something
monetary
related to money
non-monetary
not related to money
human capital
knowledge or leadership
labor
work done by people
physical capital
goods used for production, such as machinery
Income Tax
taxes government collects from persons income
Payroll Tax
taxes paid when business pay their employees
Sale Tax
taxes consumers pay on goods and services
