Economists Study How People Use Resources to Produce and Distribute

question 84

True/False

Economists study how people use resources to produce and distribute goods and services for consumption among competing groups and individuals.

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Definitions:

Sales and Sales Taxes

Revenue from goods or services sold, and the tax collected on these sales, which is remitted to the government.

Gross Earnings

The total income earned by a business before deductions such as taxes, expenses, and costs.

Net Pay

The take-home pay an employee receives after deductions such as taxes and retirement contributions.

Federal Income Tax

The annual income of individuals, corporations, trusts, and other legal entities is subject to a tax imposed by the IRS.