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PER UNIT TAX: A tax that is specified as a fixed amount for each unit of a good sold. Federal excise taxes on gasoline and cigarettes fall into this per unit tax category.
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Lesson 3: Scarcity | Unit 2: Resources
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Page: 8 of 17
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- The use of limited resources (factors of production) to produce goods and services that satisfy wants and needs.
- The four basic types of resources: labor, capital, land, and entrepreneurship.
- Labor as the human effort used to produce goods.
- Capital as the manufactured resource used in production.
- Land as the natural resources that provide the materials used in goods.
- Entrepreneurship as the factor that combines other resources in the production process.
- Differences between limited, scarce, and free resources.
- The fuzzy areas of overlap between the different types of resources.
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INSTITUTION An established method or way of performing an activity that is widely accepted throughout society. Institutions provide the rules, guidelines, and structure needed to carry out day-to-day economic activities, such as production, consumption, and exchange.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"A leader, once convinced that a particular course of action is the right one, must . . . be undaunted when the going gets tough." -- President Ronald Reagan
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USDA
United States Department of Agriculture
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