Web Search 1
Web Search Activity #1
1. What is finance?
Finance is essentially any transaction where money or a money-like instrument is exchanged for money or a money-like instrument. (Lecture Notes)
2. What is a market? Name five types of markets in which you participate. What markets trade economic resources?
Any organized effort where buyers and sellers freely exchange goods and services. Money Market, Stock Market, Flea Market, Real Estate Market, Retail Market. Labor Markets, Capital Market, and Natural Resource Markets trade economic resources
3. Compare marginal revenue, marginal cost, and marginal revenue product. Marginal Revenue is revenue gained from selling a product, Marginal Cost is the cost of hiring more labor or the cost of producing more product, Marginal Revenue Product is revenue gained from hiring more labor (increasing product output) (Lecture Notes)
4. Distinguish between economic and financial capital. Economic Capital are things that are man made such as structures like buildings and roads while financial capital is a dollar value of those structures and would also include cash, deeds, stock and bonds. (Paper items) (Lecture notes)
5. What is opportunity cost?
The loss of potential gain from other alternatives when one alternative is chosen (New Oxford American Dictionary)
6. What makes up gross income? Gross income is all of the money received from all sources during the year.
7. Compare progressive, regressive, and proportional taxes. Give at least one example of each type of tax. Progressive taxes take a larger percentage of your income as it increases. Income Tax (Wikipedia) Regressive taxes take a higher percentage of your income as it decreases. Sales tax and energy tax. (Wikipedia) Proportional taxes are taxes where the percentage paid stays the same, regardless of income. Flat tax would be a good example. The percentage does not change just the amount based on the amount of
1. What is finance?
Finance is essentially any transaction where money or a money-like instrument is exchanged for money or a money-like instrument. (Lecture Notes)
2. What is a market? Name five types of markets in which you participate. What markets trade economic resources?
Any organized effort where buyers and sellers freely exchange goods and services. Money Market, Stock Market, Flea Market, Real Estate Market, Retail Market. Labor Markets, Capital Market, and Natural Resource Markets trade economic resources
3. Compare marginal revenue, marginal cost, and marginal revenue product. Marginal Revenue is revenue gained from selling a product, Marginal Cost is the cost of hiring more labor or the cost of producing more product, Marginal Revenue Product is revenue gained from hiring more labor (increasing product output) (Lecture Notes)
4. Distinguish between economic and financial capital. Economic Capital are things that are man made such as structures like buildings and roads while financial capital is a dollar value of those structures and would also include cash, deeds, stock and bonds. (Paper items) (Lecture notes)
5. What is opportunity cost?
The loss of potential gain from other alternatives when one alternative is chosen (New Oxford American Dictionary)
6. What makes up gross income? Gross income is all of the money received from all sources during the year.
7. Compare progressive, regressive, and proportional taxes. Give at least one example of each type of tax. Progressive taxes take a larger percentage of your income as it increases. Income Tax (Wikipedia) Regressive taxes take a higher percentage of your income as it decreases. Sales tax and energy tax. (Wikipedia) Proportional taxes are taxes where the percentage paid stays the same, regardless of income. Flat tax would be a good example. The percentage does not change just the amount based on the amount of