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We pay taxes to
some levels of government.
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Government must raise revenue in order to provide
goods that people want.
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The primary method the government uses to raise revenue is
selling U.S. savings bonds.
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The national government raises most of its revenue through
sales taxes.
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Taxes on goods brought into the United States are known as
estate taxes.
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Both state and local governments collect
inheritance taxes.
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Property taxes are collected by
state government.
Scarcity:
- Scarcity is the problem of unlimited
resources and limited wants.
- Taxation
is the number one economic problem of every nation.
- All countries have
unlimited resources.
- Because of
unlimited resources, each nation must make choices about what to produce and how much to produce.
Interdependence:
- All nations
fight with one another to satisfy their needs.
- Nations sell goods and services in which they specialize and have a
shortage.
- No nation is economically interdependent; every nation is economically independent.
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The Companion to The Little Book On Line
for Teachers and Tutors |
Q: Economic Concepts
Learning Outcome #6: Know the following economic concepts:
a. that all levels of U.S. government assess taxes in order to provide services.b. that individuals and societies make choices to satisfy wants with limited resources.
c. that nations become interdependent through trade.
Directions: Carefully read and study Section Q under Important Things to Remember and Related Words in The Little Book. Then, read the sentences below. The underlined word or words make each sentence false. Make these sentences true by substituting the correct word or words.
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Taxation:
Answer Key
Go to Vocabulary Drill
