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Missouri's Economy Flashcards | StudBud
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Missouri's Economy
Missouri's Economy
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Answers
1
What are public goods?
Goods & services a producer CANNOT keep from customers refusal to pay.
The people involved in the production of goods & services (the workforce).
2
What are resources?
Actions that one person performs for another.
Natural, capital, and human production of goods and services.
3
How is the tax money collected by the government used?
Public schools, armed services, firefighters, government workers, police.
Goods used to make items like tools, equipment, machinery, buildings.
4
What are capital resources?
Materials nature used to produce goods & services (forests, land, water).
Goods used to make items like tools, equipment, machinery, buildings.
5
What is demand?
Items purchased to satisfy needs and wants.
Quantity of a good or service that consumers are willing and able to buy.
6
What are Income Taxes?
A tax citizens pay based on how much money they make in their income.
Goods & services a producer CAN keep from consumers who refuse to pay.
7
What are private goods?
Taxes are the way that people pay their government.
Goods & services a producer CAN keep from consumers refusal to pay.
8
What are human resources?
The people involved in the production of goods & services (the workforce)
Quantity of a good or service that consumers are willing and able to buy.
9
What are Property Taxes?
Ownership of land, houses, cars, pay "property tax" on value of property.
Goods used to make items like tools, equipment, machinery, buildings.
10
What are services?
Use of money to make, buy, and sell goods.
Actions that one person performs for another.
11
What are Sales Taxes?
Tax paid when you buy something, it is added to the total amount.
a country or region
12
What are taxes?
Use of money to make, buy, and sell goods.
The way that people pay their government (local, state, and federal)
13
What is supply?
The amount of goods available.
Items purchased to satisfy needs and wants.
14
What is an economy?
Use of money to make, buy, and sell goods.
A required payment to a local, state, or national government
15
What are natural resources?
Use of money to make, buy, and sell goods.
Materials from nature to produce goods & services (forests, land, water)
16
What are goods?
Items purchased to satisfy needs and wants.
Quantity of a good or service that consumers are willing and able to buy.
