Malcolm3.1
Terms
undefined, object
copy deck
- When recources are limited and our wants are unlimited
- Scarcity
- The desire of something we would like to have
- Wants
- Limited things that people have to gain
- Resources
- Physical intellectual, and creative talents
- Human Resources
- Gifts of nature
- Natural resources
- Resources made and used by people to producegoods and services
- Capital Resources
- Value of what you give upin order to get what you want
- Oppertunity Costs
- Learning how to manage your money wisely
- Personal Finance
- A person that has his/her own business
- Entrepreneur
- Investing in people primarily through educaqtion and trading
- Human Capital
- Total amount of money earned before any deductions are made
- Gross Pay
- The amount left after all deductions
- Net Pay
- Money you pay the government for services provided by the federal government
- Federal Income tax
- Money you pay the state you live in
- State Income Tax
- Money you set aside for old-age
- Social Security tax
- Money you put away for certain health care insurence
- Medicare Tax
- Insurence coverage used to pay a salary to those that are unemployed
- State Unemployment Insurence
- Insurence coverage used to pay a salary for people that have gotten hurt during the job
- Workers Compensation Insurence
- Insurence coverage that pays a beneficiary in the event that an employee dies
- Life Insurence
- The person that ischosen to recieve life insurence money if a loved one dies
- Beneficiary
- Insurence coverage if you are unable to work due to health reasons
- Disability Insurence
- Insurence coverage for medical care expenses
- Medical Insurence
- Insurence coverage for dental care expenses
- Dental Insurence
- A tax-deferred plan for retirement
- Retirement Savings Plans
- Use your summations of the modules to list an define any terms relative to taxes
- Tax Terms