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Explore the fundamental concepts of economics, money, banking, demand, supply, and taxation. Learn about excise, payroll, and social insurance taxes, as well as the six pillars of economics. Delve into market competition, specialization, and the laws of demand and supply. Enhance your understanding of production, distribution, and factors of production.
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Double Jeopardy Money & Banking Intro to Economics Demand & Supply The Six Pillars Taxes Q $200 Q $200 Q $200 Q $200 Q $200 Q $400 Q $400 Q $400 Q $400 Q $400 Q $600 Q $600 Q $600 Q $600 Q $600 Q $800 Q $800 Q $800 Q $800 Q $800 Q $1000 Q $1000 Q $1000 Q $1000 Q $1000
$200 Question from Taxes. An excise tax can also be called a luxury or __________ tax.
$200 Answer from Taxes. Sin/Hidden Tax
$400 Question from Taxes. Social insurance taxes such as Social Security and Medicare are taken directly out of paychecks. Because of this they are often called __________ taxes.
$400 Answer from Taxes. Payroll Taxes
$600 Question from Taxes. This tax regulates or discourages activities that Congress deems dangerous.
$600 Answer from Taxes. Nonrevenue Tax
$800 Question from Taxes. This is laid on the manufacture, sale, or consumption of a good/or a performance of a service.
$800 Answer from Taxes. Excise Tax
$1000 Question from Taxes. This is also called a “payroll tax” because it is taken directly out of paychecks at a flat rate.
$1000 Answer from Taxes. Social Insurance Tax
$200 Answer from Intro to Economics. Into Production
$400 Answer from Intro to Economics. Resulting in a Good/Service
$600 Answer from Intro to Economics. Distribution
$800 Answer from Intro to Economics. Factors of Production (Land, Labor, Capital)
$1000 Answer from Intro to Economics. Goods Made Available for Consumption
$200 Question from The Six Pillars. This pillar means that a business will compete with others in the market.
$200 Answer from The Six Pillars. Market Competition.
$400 Question from The Six Pillars. I am going to college to become a teacher. When I sell my labor my _______________ will be in Social Studies education. (what pillar goes along with this idea)
$400 Answer from The Six Pillars. Specialization
$600 Question from The Six Pillars. Arby’s and Wendy’s engage in _______________ ______________ because they both specialize in fast food.
$600 Answer from The Six Pillars. Market Competition
$800 Question from The Six Pillars. A business sells cupcakes. They will make a profit selling their treats at $2 but customers are willing to pay $3.50 per cupcake. To determine what price they should sell their product the business must consider this pillar of free enterprise
$800 Answer from The Six Pillars. The Price System
$1000 Question from The Six Pillars. A barber shop must buy their scissors/grooming tools from a retailer. They are engaging in _______________ _______________.
$1000 Answer from The Six Pillars. Voluntary Exchange
$200 Question from Demand & Supply. Which is a non-elastic supply graph? A B C D
$400 Question from Demand & Supply. • The _______________ _____ _______________ is an inverse relationship between the quantity demanded and price.
$400 Answer from Demand & Supply. • Law of Demand
$600 Question from Demand & Supply. • The _______________ _____ _______________ is a positive relationship between the quantity supplied and the price of the product.
$600 Answer from Demand & Supply. • Law of Supply
$800 Question from Demand & Supply. Does this show an increase or decrease in supply? S1 S2
$800 Answer from Demand & Supply. Increase
$1000 Question from Demand & Supply. Does this show an increase or decrease in demand? D2 D1
$1000 Answer from Demand. Increase
$400 Answer from Money & Banking. Recovery
$600 Answer from Money & Banking. Recession
