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25 Cards in this Set
- Front
- Back
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Scarcity |
the state of being scarce or in short supply; shortage. |
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Law Of Demand |
Demand for a product varies inversely with its price. |
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Opportunity Cost |
The choice you don't make that involves money or time. |
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Law of Supply |
Supply varies directly with its price. |
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How many miles from the sun |
93,000,000 |
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What is TNDTFL |
There is no such thing as a free lunch. |
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What does FICA stand for? |
Federal Insurance Contribution Act |
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Whats the difference from a need and a want? |
Need: Food, Clothing, Water, Shelter. Want: Anything else. |
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What is an elastic product? |
A product that changes price based on supply and demand . |
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What is acquiring one more unit? |
Marginal Utility. |
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How round is the earth? |
25,000 Miles. |
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Three different economic systems. |
Capitalism, Socialism, Communism |
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Who's is the father of Capitalism and what was his book? |
Adam Smith, Wealth of Nations. |
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What are two entities that make up FICA? |
Social Security, Medicare |
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7 different taxes. |
Federal, State, Corporation, FICA, Sales, Estate, Property. |
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Common rule in buying stocks |
Buy low Sell High |
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What percentage do you pay in FICA taxes? |
7.6% |
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What type of taxes are the 7 taxes? |
Federal: Progressive, Estate: Progressive Corporation: Progressive, Property: Proportional, FICA: Proportional, Sales: Regressive |
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What is considers to or above? |
720 or above |
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Inelastic |
Price doesn't change. |
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What does the invisible hand theory state? |
acting naturally do the best for society. |
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Name 6 intelligences |
Physical, Art, Inter, Infra, Personal, Musical |
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3 different examples of what your income tax pays for |
Military, FBI, and CIA |
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Name all 7 friends in Economy |
Washington, Jefferson, Lincoln, Hamilton, Jackson, Grant, Franklin. |
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2 examples of socialism in the united states |
Welfare, Public Schools. |
