Economics Study Guide:

-Some services provided by the government include: public schools; post office(national govt.);
firemen, police; teachers; military (provided by national government)
-Government services are paid for by taxes:
-income tax- taxes paid out of the money you make doing a job
-sales tax- taxes added to the cost of what you buy
-property tax- a tax paid based on the value of your house or property
-Import: a good that is brought to our country from another country; A product that one
country buys from another
Ex: sugar from Mexico
-Export: a good that we ship out from our country to another country.
Ex: computers to Mexico; paper to Japan; Georgia exports a lot of peanuts
-Producers- people who make goods or provide services.
-Consumers- people who purchase goods or services.
-Currency: the money system used by a country:
-U.S.--> Dollars
-Europe Euro
-Mexico Peso
-A budget is a persons plan for how they will spend money. It shows a persons spending, saving,
and income.
-A deposit is money put into a bank account
-Consumers in Georgia buying sugar from Louisiana and consumers from Louisiana buying eggs
from Georgia is an example of interdependence.
-Public servants include: police officers, teachers, and governors, etc.
-interest is money you earn from a bank for keeping money in an account there.
-An opportunity cost is what people have to give up in order to get what they most want
-natural resources- are things found in nature that are useful to people
-human resources- are the skills, knowledge, and labor that people bring to jobs
-capital resources- are things made by people that help workers make goods or provide services
-entrepreneurship- is a characteristic of people who take the risk to organize resources and start a
business.
Examples of Resources Include:

Natural Resources

Human Resources

Capital Resources

Entrepreneurship

-Gold dug from the

ground
-potatoes,
vegetables, fruit,
milk, eggs, meats

-factory workers
-education

-a machine that
pumps oil
-sewing machine
-a machine used in a
factory

-business owner

-Being an entrepreneur is risky because the business might not make enough money.

Goods are things people make or grow to buy and sell Ex. pencil, books, clothes, vegetables, wheat,
apples Services are work that one person does for another Ex. doctors, dentist, postman, firefighters,
teachers