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CSET Economics
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CSET Economics
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25 Questions

1. Has to do with its ability to command goods & services. Measuring changes in the value of the dollar is a key economic concept.

2. Is a source wealth & income & involves the inflow & outflow of goods and services. The economic growth of the US is measured by the Gross National Product (GNP) - which is the value of all goods & services produced in a particular year.

3. Is a measurement of assets on hand at a given point in time.

4. Direct - indirect - proportional - progressive - and regressive. Federal personal & corporate taxes are progressive. Most state and local taxes are proportional. Nearly all excise - sales - and property taxes are regressive.

5. Fulfills primary & basic needs.

6. How to allocate resources among competing & alternative uses. How to distribute goods & services among the population. How to provide economic stability & security. How to provide continued economic growth.

7. Provide a method to analyze the goods & services in a society.

8. The quality of land - labor - & capital are key factors that determine economic growth. Less - developed countries usually have high population densities. Low incomes retard economies by restricting the opportunity to consume goods.

9. Is a theory that bases taxation in accordance with the benefits received by the taxpayer; hunting & fishing fees are examples.

10. Is a theory that bases taxation in accordance with income and wealth position.

11. A competitive - free - market - free - price system is necessary for capitalism to function efficiently.

12. Are the cornerstone of the US tax system.

13. Since ther are not enough resources to satisfy all wants - there is a conflict between unlimited wants & limited resources. Societal choice: what to produce - how to produce - & for whom to produce.

14. Areas of the world have shown limited economic growth.

15. ...see following cards.

16. Of government activity comes from its spending - taxing - and public debt policies.

17. Is the monetary return or other material benefits from currently produced goods & services.

18. And influence in our economy has steadily grown throughout history.

19. Provides a means of analyzing the economy.

20. Transmit the ideals & values of society.

21. Organized to fulfill basic social needs

22. Of property is fundamental to a capitalistic society.

23. Commitments & military expenditures have had lasting effects on the role of government in the economy.

24. Consumption: characterized by freedom of consumer choice. Production: characterized by freedom of enterprise. Financial: composed of all banking & financial institutions. Government: performs task of stabilizing the economy through monetary & fiscal

25. In the economy include direct controls over the economy - ownership of production (for example - Hoover Dam) - and welfare expenditures.

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