Product name
How did you organize your materials?
How many did you produce
in 15 minutes?
How many do people want?
Product name
How did you organize your materials?
How many did you produce
in 15 minutes?
How many do people want?
B. the money that is left over
after a business pays all of
its costs.
D. a situation in which people
can’t have everything they
want because of limited
resources.
Public goods and services:
Goods and services that provide benefits
to many people, but people may not be
restricted from using them.
Private goods and services:
goods and services that are exchanged in
markets for a price.
Taxes – required payments to government
Number your paper 1-3. Choose the word that best matches the description below and
write that word on the blank beside the number, matching its description.
Word Bank
Public goods and services
Private goods and services
Taxes
1. Goods and services that provide benefits to many
people, but people may not be restricted from using
them.
2. required payments to government
3. goods and services that are exchanged in
markets for a price.
Teresa graduated from college last year and got a job as a manager, earning
$30,000 a year! She was really excited about earning so much money. After a
year had passed, Teresa sat down and computed her entire tax bill. No wonder
she had such a hard time making ends meet!
Federal income taxes on her salary $3,400
Social Security and Medicare $2,300
State income taxes on her salary $1,000
Local property taxes on her new car $800
Sales taxes on her new car $1,000
Gasoline taxes $200
Sales taxes on her purchases of goods and services $1,100
Using your estimation skills, what portion of Teresa’s income goes to taxes?
Report the answer in the form of a fraction.
What benefits will Teresa get from the taxes?
Philanthropy: The effort to increase the wellbeing of
people through charitable giving.
Nonprofit organizations: Institutions developed to
increase the wellbeing of others in certain areas, such
as education, religion, health, and other good causes.
Opportunity cost: The value of the next best
alternative given up when a choice is made.
“There’s no such thing as a free
lunch!”
Checks:
Written orders to a bank to pay a certain amount of money
from a checking account to another person or business.
Deposit tickets:
Written records of money put into a checking account.
Check register:
A booklet for recording the money that is put in (deposited)
or removed (withdrawn) from the checking account.
Net deposit:
The amount of money deposited into an account, minus any
cash received.
Endorse:
To write a signature on the back of a check.
A metaphor is an implied comparison in
which a word or phrase is used in
place of another word or phrase.
For example, “He was drowning in money.”
is a metaphor. Think of another metaphors
that use money or economic concepts.
Write it down and illustrate it.
Nola had a balance of $25 in her
Checking account. She made an
additional $5 deposit. Describe the
increase in her balance using a fraction,
decimal, and percentage.
Check register
Endorse
Word Bank
Deposit ticket
Net deposit
Check
1. Written orders to a bank to pay a certain amount of
money from a checking account to another person or
business.
2. Written records of money put into a checking account.
3. A booklet for recording the money that is put in
(deposited) or removed (withdrawn) from the checking
account.
4. The amount of money deposited into an account, minus
any cash received.
5. To write a signature on the back of a check.
Gordon’s Bounced Check
Many banks do not send you checks that you
wrote to other people or businesses.
It is expensive for them to send them.
A stack of 30 checks weighs 1.2 ounces.
In May 2007, the U.S. Postal Service charged
41¢ for the first ounce and 17¢ for
each additional ounce for first-class mail.
How much would it cost a bank to send
checks to the following 275 customers?
100 customers each had 10 checks
75 customers each had 20 checks
65 customers each had 30 checks
35 customers each had 70 checks