Economics Concepts

the money you have earned or received.

• lottery

• income

• prizes

a required payment to a government. The government uses taxes to pay for public goods and services.

• discounts

• mortgage

• taxes

 the exchange of goods, services, and resources between buyers and sellers.

• market

• interview

• migration

how much is being taken off regular price

1. Change % to decimal

2. Multiply decimal x regular price

3. SUBTRACT that amount from the regular price

• fees

• mortgage

• discount

3 types of taxes

• Income tax

  Sales Tax

  Property Tax

• Menu Tax

  Income Tax

  Movie Tax

• Pet Tax

  Property Tax

  Walking Tax

 an amount of money given as gratitude to somebody who has provided a service such as in a restaurant, hair salon, nail salon, etc.

1. Change % to decimal

2. Multiply decimal x regular price

3. ADD that amount to the regular price

• investment

• inheritance

• tips/gratuity

Something a person must have to live

• rules

• needs

• values

Goods or services people buy because they enjoy them

• requirements

• wants

• pollution