What is economics?

1. the social science that describes and analyzes how society chooses from among scarce resources to satisfy its wants. b the science of the production and distribution of wealth.

2. Economists study what is or tends to be and how it came to be.

3. The key terms of economics are needs , wants , and demands .

4. economics deals with production, distribution, exchange and consumption.

5. the main economic products are goods and services

6. The difference between goods and services is that the services are something that cannot be touched or felt like goods.

7. Consumer goods are intended for² final use by individuals to satisfy their wants and needs

8. Manufactured goods used to produce other goods and services are called capital goods

9. In economics the term value means something having a worth that can be expressed in dollars and cents

10. wealth is the sum of those economic products that are tangible, scarce, useful and transferable from one person to another

11. Most economic goods are counted as wealth, but services are not

12. One person may, for example, get a great deal of⁴ enjoyment from a home computer, another may get very little

13. it is the stockpile of useful scarce⁵, tangible things⁶ in existence at a given time

MONEY

1. money is what money does

2. money functions as a Medium of Exchange, a Measure of Value, and a Store of Value.

3. As a medium of exchange, money is something generally accepted as² payment³ for goods and services

4. As a measure of value, money expresses worth in terms that most individuals understand

5. Money also serves as a store of value. This means goods or services can be converted into⁴ money that is easily stored until some future time.

6. there are such forms of money as coins, currency and electronic money.

7. The term currency refers to paper money issued by government

8. The term coin refers to metallic forms of money and The term currency refers to paper money

9. they are very durable and rates high in divisibility

Taxation

1. Raising of money from individuals and organizations by the state in order to pay for the goods and services it provides.

2. the main principles of taxation is the Benefit Principle³ and the Ability-to-Pay Principle⁴.

3. they state that taxes ought to be paid by those who can best afford them and taxes ought to be paid according to the amounts of benefit received from the government.

4. There are three types of taxes in the United States: proportional, progressive and regressive.

5. proportional tax features the same percentage rate of taxation¹ on everyone, no matter what their income², progressive - One that takes a higher percentage of a low income and a lower percentage of high income, regressive tax - a higher percentage rate of taxation on low incomes than on high incomes.

6. A sales tax is a general tax levied on consumer purchases of nearly all products. It is added to the final price paid by the consumer.

7. personal property is a main source of government revenue

8. Tax assessor is A person who places value on property for tax purposes

9. there are such criterias of taxation as tax yields enough revenue, clarity, ease of administration

10. In order to have an effective tax system, government must have criteria or standards

11. people don`t like pay taxes, but they do it.