Section 1
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Proportional Tax System
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Last updated
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Date created
Mar 1, 2020
Cards (86)
Section 1
(50 cards)
Proportional Tax System
Tax rate is the same for all income levels.
Entrepreneur
A person who assumes financial risks to start a new business and to try new ideas.
Currency
A certain type of money.
Corporation
Seen as its own person but the owners are liable for the amount of money that is invested.
Partnership
They share liability debts and profits with shared decision making.
Diversity
It is to make diverse deposits rather than depositing everything in one spot which gives a higher chance of losing your money.
Limited Liability
A bit more complicated than sole proprietor and partnership.
Monopoly
Market structure where a single business dominates a product or service.
Demand(D)
The "whole curve" - overall demand for a good service at all prices.
Real Interest Rate
Take the nominal and subtract rate of inflation.
Budget
A way to prudent about spending habits.
Barter
Having to trade items without the use of money.
Certificate of Deposit
A savings amount that is issued for a set period, it makes better money than Traditional.
Futures
Bets on the future price of an item which is the riskiest investment out of all of them.
Sole Proprietor
Single owner of a business.
Indirect Tax
Like sales taxes collected from goods or service. Sellers submit to government.
Fiat Currency
Money the government declares that is legal.
Standard
Consistent in numerical measurement.
Counterfeit
People who make copies of money.
Opportunity Cost
Think of it as opportunity lost because it is the most valuable thing to trade-off.
Scarcity
Compels us to make choices that we want which is something that we end up lacking like money or time.
Bonds
Given to a company.
Adjustable Rate
Interest rate that periodically changes (initial is lower than a fixed rate).
Flat Tax
A proportional income tax system.
HUNT
Harness your vision Underestimate the roadblocks Network Take the first step
What are the four factors of production?
Land, Labor, Entrepreneurship, and Capital.
Money Market Account
A savings account that offers a higher rate of return of exchange that are larger than normal. This account doesn't make a lot of money but it's more than traditional.
Monopolistically Competitive
Market structure where many businesses produce similar but not exactly the same products.
Demand Schedule
Lists prices and the quantity demanded.
Measure of Value
The worth of an item.
Supply
The total amount of a good or service available for purchase which supplies all of the prices.
Equilibrium Point
Indicates price which is the point on the graph where the lines for supply and demand intersect.
ROTTEN
Resource: cost & availability Other goods Taxes, subsidies & government regulation Technology Expectations of the producer Number of firms in an industry
Economics
The study of how people get goods and services they need and want. It is about the choices that they make.
Factors of Production
All of the resources necessary to create a good or service.
Direct Tax
Pay directly to the government. Income tax is direct, much more complicated withholding estimates how much you earn.
Fixed Rate
A loan in which interest rate and implied amount doesn't change over the life of the loan.
Traditional Savings
Funds deposited in a bank can be withdrawn at will. Don't make a lot of money.
Mutual Funds
Shares of ownership in a group of companies that requires a minimum amount of money to invest.
Macroeconomics
Looks at the BIG picture of economics like communities, nations, and global decision making.
TRIBE
Taste & preferences Related goods & services Income Buyers Expectations of price
Law of Diminishing
Each unit consumed gives less satisfaction
Marginal Tax Rates
People who fall into the 25% do not a quarter of their income tax.
Progressive Tax
Also helps with concerns over the distribution of wealth.
Quantity Demand(QD)
A specific point on the curve that shows how much will be purchased at a specific price. (When price changes QD changes)
Stocks
Shares in a single company that makes the most money in a long period of time.
Defined Contribution Plan
A retirement plan where an employer, employee or both can contribute in a deposit.
Store of Value
Money holds its value wherever it is.
Medium of Exchange
Accepted in exchange for another item.
Microeconomics
Looks at the smaller picture of economics like individuals, small businesses.
Section 2
(36 cards)