Unit 1 Community and Economy

A model of the movement of goods, services, resources, and money in an economy.

• Human Resources

• Capital Resources

• Scarcity

• Circular Flow

A system in which economic decisions are made by people and businesses, with little government influence.

• Free Enterprise

• Scarcity

• Taxes

• Command Economy

What does philanthropy mean?

• The effort to provide healthcare by the government

• 
  The effort to increase the well being of others

• The ability to sell goods and services for a profit

• Requirement to pay taxes

A person who creates or supplies goods or services.

• Consumer

• Prototype

• Producer

• Philanthropist

People who buy and use goods and services.

• Consumers

• Producers

• Opportunity Cost

• Entrepreneurship

Payments that citizens and businesses are required to make to a government to pay for goods and services.

• Opportunity Cost

• Private Goods

• Gross Pay

• Taxes

Merchandise and skills offered for a price.

• Prototype

• Net Pay

• Private Goods

• Opportunity Cost

Goods and services provided by the government for the use of all people.

• Prototype

• Opportunity Cost

• Private Goods

• Public Goods

If your paycheck is $50 and you pay a 10% tax. What is your net pay?

• $44

• $45

• $60

• $55

The amount of money an employee receives after taxes and other deductions are taken from a paycheck.

• Net Pay

• Opportunity Cost

• Scarcity

• Gross pay