Economics Review

What can the money you earn from a job be called?

• Income
• Salary
• Wage
• All of the Above

What can of income does NOT earn overtime or extra pay?

• Wage
• Hourly
• Salary
• Income

What do we call the payment made towards a house you own?

• Mortgage
• Rent
• Income
• Expense

Which type of tax would you have to pay on food?

• Sales
• Property
• Income
• Winnings

Which type of tax would you have to pay on a car each year?

• Sales
• Property
• Income
• Winnings

What kind of income tax is the same for ALL people no matter how much money they make? (We do NOT use this system in the United States!)

• Brackets
• Gradual
• Flat
• Simply

Which economic principle refers to when resources are VERY limited? 

• Supply and Demand
• Scarcity 
• Opportunity Cost
• Expenses

When supply meets demand we call it the _________________ point

• price
• want
• demand
• equilibrium

What do we call the cost whenever we make an economic decision?

• opportunity cost
• choice cost
• option cost
• real cost

What do you ANY outgoing money?

• Income
• Expense
• Cost
• Salary