Economics Final Review
Interactive review game for Economics Chapter 1
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Topics of this game:
- In the state of Pennsylvania, the sales tax is
- Who do Social Security taxes pay benefits for?
- Resources that are made by people, used to create other goods and services are called
- The resources used to make all goods and services are the
- Why are all of the goods and services scarce?
- If a person wants to buy a CD but only has enough money for one and buys CD A instead of CD B, then CD b is the
- Running a service that hires people to install sprinkler systems in lawns is an example of what.
- What is the struggle among various producers for the consumer's business called?
- Which of the following is NOT a key economic question?
- What is one of the most important advantages of a free market?
- Which of the following is a characteristic of a traditional economy?
- In which type of economy does the government make all the decisions?
- What is the function of an economic system?
- Who was the leader that introduced communism and central planning to the former Soviet Union?
- What factor of production is a SCHOOL under?
- What factor of production is PAPER under?
- What factor of production is LAKE ERIE under?
- What factor of production is FISH under?
- What factor of production are TEACHERS under?
- What factor of production is STEVE JOBS under?
- What factor of production is a COFFEE CUP under?
- What factor of production is COMPUTERS under?
- What factor of production is BILL GATES under?
- What factor of production is MECHANIC under?
- A situation in which people do not have enough resources to supply every desire.
- Land, Labor, Capital, & Entrepreneurship are part of what?
- Previously manufactured goods used to make other goods/services.
- Something basic for your survival such as food, water, shelter, and clothing.
- What do sellers do if they expect the price of good they have for sale to increase dramatically in the near future?
- When buyers will purchase exactly as much as sellers are willing to sell, what is the condition that has been reached?
- What happens when the supply f a nonperishable good is greater than the consumer wants to buy?
- Which of the following is an example of a good whose price has gone down because of improvements in technology?
- What is a mortgage used to purchase?
- What happens when you make a purchase using a credit card?
- When choosing an insurance agent, should you consider the agents knowledge of insurances?
- Is a DOG a want or need?
- Is FOOD a want or need?
- Is CLOTHING a want or need?
- Is NIKE AIR JORDANS a want or need?
- Is a CAR a want or need?
- Is SHELTER a want or need?
- Is a TEXAS ROADHOUSE STEAK a want or need?
- What is the supply for money, goods/services in exchange for a promise to pay in the future?
- What are legal documents showing who owns a car or other property?
- What is the agreement between you and the insurance company?
- What is money borrowed for a home?
- What is the measure of a person's ability and willingness to pay debts?
- What is it called when someone is forced to give up their house because of lack of payment?
- What is the amount you are allowed to spend with a credit card?
- What is the amount of tax that must be paid?
- Gross Income is
- The income on which tax is computed is
- This is based on the taxpayer's marital status and other factors, it determined the tax bracket and rate at which income is taxed.
- This tells the taxpayer how much income they earned during the course of the year, as well as how much tax was withheld.
- What are taxes on all retail products, based on a set percentage of retail costs?
- This helps an employer determine how much to withhold from an employee's paycheck.
- This is a dividsion of the Department of Treasury that is responsible for interpreting and applying federal tax laws.
- What is it called when the IRS investigates past returns for correctness or fraud?
- What is the deadline for taxes to be submitted?
- What is the deadline for employers to send their employees their W-2 forms?
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