Economic Systems and Daily Life example #84416

the right to possess something

cost, time commitment, and responsibility

the power to own land or goods

refers to land or goods owned by individuals

refers to land or goods owned by the government

more private property, greater chance for higher income, and larger wealth gap

more public property, less chance for higher income, and smaller wealth gap

has a command economy

has a mixed market economy

is the act of engaging in a job in exchange for income

can make economic goals for themselves and gain the buying power to purchase private property

refers to a situation where a person does not have a job

shows a trend over time

look at the title, read the axes, identify the trend

unemployed people have to adjust their economic goals

paying for projects that create jobs and lowering taxes to encourage hiring and spending

unemployed people usually buy fewer things, may not be able to repay their loans, and may pay fewer taxes to the government

is an economic difference between the rich and the poor

the amount of sales tax you pay for groceries