House of Cards Questions
1. Why did the Federal Reserve drop interest rates?
2. What is the American Dream?
3. Who was able to apply for a sub prime mortgage?
4. What was it like to apply and process a loan in the past?
5. How did Fannie Mae and Freddie M
Economics Bingo Vocabulary Terms
1. Gross Domestic Product or GDP is the dollar value of all final goods, services, and
structures produced within a countrys national borders during a one year period
2. GDP Per Capita - Gross domestic product on a per per
Activity 1: Progressive Taxes and You
Progressive taxes take a larger percentage of income from individuals in high-income groups than from those in
low-income groups. Progressive taxes are based on the ability to pay. How does a progres
Ready to "tax" your brain? Below are some scrambled key terms from this lesson. Unscramble each
key term, and write in your answer in the space provided.
Tax paid when you fill up your car (asleniog)
Tax paid on the mak
Unit 3 Taxes Test Review
PART 1: Match the descriptions below to the correct terms found in the answer key. Write the letter
of each term in the space provided.
A. Property Taxes
K. A Greater Proportion
Unit 1 Study Guide: Fundamental Economic Concepts
The Economic Problem
There are unlimited wants and needs and limited economic resources
Societies do not have enough productive resources to satisfy everyones wants
and needs this resul
1. Economics the study of how individuals and societies make
decisions about ways to use scarce resources to fulfill wants and
2. Scarcity is the condition that results from societies not having
enough resources to produce all the
First we need to take a moment to look at how economists categorize economies.
Types of Economic Systems
A market economy is characterized by private ownership of the means of production (for
example, farms and factories), and supply and d
Traditional Economies and the Inuit
A traditional economy, an economy based on custom and tradition, may seem like something that is only
read about in history books. To most of us, it just doesn't seem possible that rituals and habits developed
Unit 3 - Taxes
Principles of Taxation:
1. _: Those who benefit from government goods and services should pay in proportion
to the amount of benefits they receive
Example: Gas Tax because gas tax is built into the price of gasoline, peopl
Activity 1: Classifying Direct and Indirect Taxes
Directions: Examine each of the taxes or fees presented below. Classify the tax or fee by circling Direct or
1. Driver's License Fees: A fixed dollar amount for each driver; var
What is Pricing?
Pricing is the process of
determining what a company will
receive in exchange for its products.
Price is determined by what:
A buyer is willing to pay
A seller is willing to accept
The competition is allowing to be