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Key Areas


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Key Areas

  1. 1. Marissa Doria Block 3
  2. 2. <ul><li>Standard of Living—Generally measured by standards such as real (i.e. inflation adjusted) income per person and poverty rate </li></ul><ul><li>Opportunity Cost—Value of the next-best alternative that you did not choose </li></ul><ul><li>Productivity—Production output in relation to a unit of input , such as a worker </li></ul><ul><li>Inflation—Increase in the general level of prices </li></ul>
  3. 3. <ul><li>Sales Tax—State of local tax on goods and services that is collected by the seller </li></ul><ul><li>Real Estate Tax—Property tax, or millage tax, is an ad valorem tax that an owner pays on the value of the property being taxed </li></ul><ul><li>Gift Tax—A tax imposed on transfers of property by gift during the lifetime of the giver </li></ul><ul><li>Tariff—Tax that government places on certain imported products </li></ul><ul><li>Embargo—Action imposed by the government to stop the export or import of a product completely </li></ul>