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FEDERAL INSURANCE CONTRIBUTIONS ACT: Commonly abbreviated FICA, this act passed in 1939 established payroll deductions from wage-earning employees and the employers for the Social Security system. This is the noted Social Security tax that wage earners pay and which is then used to provide Social Security benefits to the elderly, disable, and qualified dependents.
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Lesson 1: Economic Basics | Unit 1: Economics
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An understanding of economics also involves:Scarcity. We have limited resources, but unlimited wants and needs. The study of economics is essentially the study of scarcity.Opportunity Cost. Using resources for one alternative prevents using them for another. Opportunity cost is the highest valued alternative.Analysis. Economics is an analytical discipline that answers 'What if...?' questions.
Scarcity dictates that we must answer the three basic questions of allocation are:- What? What goods and services will be produced with society's resources?
- How? How will society's resources be used to produce the goods and services?
- For whom? Who receives the goods and services produced with society's resources?
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INVISIBLE HAND The notion that buyers and sellers, consumers and producers, households and businesses, by pursuing their own self-interests do what is best for the economy automatically without any government intervention, as if guided by an invisible hand.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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SSAP
Statement of Standard Accounting Practice
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