Last updated: 5/2/2025

Grade 12: Economics, the Enterprise System, and Finance

1-2 Weeks

12.E1 INDIVIDUAL RESPONSIBILITY AND THE ECONOMY: Individuals should set personal financial goals, recognize their income needs and debt obligations, and know how to utilize effective budgeting, borrowing, and investment strategies to maximize well-being.
(1) SS.12E.1.a In making economic decisions in any role, individuals should consider the set of opportunities they have, their resources (e.g., income and wealth), their preferences, and their ethics.
(1) SS.12E.1.b Sound personal finance (money management) practices take into account wealth and income, the present and the future, and risk factors when setting goals and budgeting for anticipated saving and spending. Cost‐benefit analysis is an important tool for sound decision making. All financial investments carry with them varying risks and rewards that must be fully understood in order to make informed decisions. Greater rewards generally come with higher risks.
(1) SS.12E.1.c Managing personal finance effectively requires an understanding of the forms and purposes of financial credit, the impact of personal debt, the role and impact of interest, and the distinction between nominal and real returns. Predatory lending practices target and impact those who are least informed and can least afford such practices. Interest rates reflect perceived risk, so maintaining a healthy credit rating lowers the cost of borrowing.
(1) SS.12E.1.d To be an informed participant in the global economy one must be aware of inflation and have an understanding how international currencies fluctuate in value relative to the United States dollar.

  1. What is the next best alternative I am giving up?

  2. If I weren’t doing this, what would I be doing instead?

  3. Is the value of what I'm giving up greater than what I’m gaining?

  4. How does this decision affect my long-term goals?

  5. Would I make a different choice if the opportunity cost were clearer?

  6. What are the main types of economic systems, and how do they differ?Who makes the key economic decisions in each type of system?How are resources allocated in a traditional, command, market, and mixed economy?

    1. Which economic systems are used in different countries today, and why?

    2. How do economic systems respond to change, crisis, or innovation?

    3. How does a country’s economic system influence its citizens' quality of life?

      1. What is the law of supply and the law of demand?

      2. How does price affect the quantity supplied and the quantity demanded?

      3. What factors can cause a shift in supply or demand?

      ⚖️ Interaction and Market Equilibrium

      1. How do supply and demand interact to determine the market price?

      2. What happens when there is a surplus or a shortage in the market?

      3. How does equilibrium price change when supply or demand shifts?

      🌍 Real-World Application

      1. How do supply and demand explain changes in prices of everyday goods?

      2. How can government actions (like taxes, subsidies, or price controls) affect supply and demand?

      3. What recent events (e.g., natural disasters, policy changes, trends) have influenced supply or demand in a real market?

A situation where to gain something, you have to give up something else.

Related Vocabulary:

  • Scarcity – The basic economic problem of having limited resources and unlimited wants.

  • Choice – The decision made when faced with alternative uses for scarce resources.

  • Cost-benefit analysis – Comparing the pros and cons of different choices.

  • Allocation – The distribution of resources based on trade-offs.

  • Prioritization – Ranking options to decide which to pursue given limited resources.

💸 Opportunity Cost

The value of the next best alternative foregone when a decision is made.

Related Vocabulary:

  • Alternative – Other possible options or choices.

  • Foregone – Something that is given up or not chosen.

  • Value – The worth of the next best alternative.

  • Rational decision-making – Choosing the option with the greatest benefit after considering opportunity cost.

  • Marginal cost – The additional cost of choosing one more unit of something, often compared to its marginal benefit.

  • Types of Economic Systems

    • Traditional economy – Based on customs, traditions, and beliefs; often relies on barter.

    • Command economy (Planned economy) – The government makes all economic decisions.

    • Market economy – Decisions are made by individuals and businesses based on supply and demand.

    • Mixed economy – Combines elements of market and command economies; most modern economies.

  1. Medium of Exchange – Money is used to buy and sell goods and services.

  2. Unit of Account – Money provides a standard measure of value for goods and services.

  3. Store of Value – Money can be saved and used in the future without losing value (assuming no inflation).

  4. Standard of Deferred Payment – Money is used to settle debts payable in the future.

📘 Supporting Vocabulary:

  • Currency – Physical form of money (coins and notes).

  • Liquidity – How easily money or assets can be converted into cash.

  • Inflation – The rate at which the general level of prices for goods and services rises.

  • Barter – Exchange of goods and services without using money.

  • Legal Tender – Money that must be accepted if offered in payment of a debt.

  • Fiat Money – Money that has value because the government says it does, not because it's backed by a physical commodity.

  • Purchasing Power – The value of money expressed in terms of the amount of goods or services it can buy.

  • Monetary System – The framework of institutions and rules governing the supply and use of money.

Guided Learning Worksheets

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Choice of the following:

Activity Sheets

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3-4 Weeks

12. E2 INDIVIDUALS AND BUSINESSES IN THE PRODUCT AND FACTOR MARKETS: Free enterprise is a pillar of the United States economy and is based on the principle that individuals and businesses are free to make their own economic choices as they participate in these markets. Individuals buy the goods and services that they desire from businesses in the product markets, and they contribute to producing these goods and services by supplying the resources that they own to businesses in the factor markets.
(1) SS.12E.2.a Given that the resources of individuals (and societies) are limited, decisions as to what goods and services will be produced and to whom to sell one’s resources are driven by numerous factors including a desire to derive the maximum benefit and thus the most efficient allocation of those resources.
(1) SS.12E.2.b The choices of buyers and sellers in the marketplace determine supply and demand, market prices, allocation of scarce resources, and the goods and services that are produced. Consumers influence product availability and price through their purchasing power in the product market in a perfect world. Product market supply and demand determine product availability and pricing.
(1) SS.12E.2.c Businesses choose what to supply in the product market based on product market prices, available technology, and prices of factors of production. The prices of those factors are determined based on supply and demand in the factor market. The supply and demand of each factor market is directly related to employment. Debates surround various ways to minimize unemployment (frictional, structural, cyclical).

Here are some focus questions on market structures to guide understanding and analysis:

General Understanding:

  1. What are the main characteristics of the four basic market structures: perfect competition, monopolistic competition, oligopoly, and monopoly?

  2. How do firms in each market structure determine price and output?

  3. What are the barriers to entry in each market structure?

Perfect Competition:

  1. Why are firms in perfect competition considered price takers?

  2. How does perfect competition lead to allocative and productive efficiency?

Monopolistic Competition:

  1. How does product differentiation affect pricing and competition in monopolistic competition?

  2. Why is there excess capacity in monopolistic competition?

Oligopoly:

  1. What role does interdependence play in an oligopoly?

  2. How do firms in an oligopoly engage in non-price competition?

  3. What are the implications of collusion and price leadership in an oligopoly?

Monopoly:

  1. Why is a monopoly considered inefficient compared to other market structures?

  2. What are the sources of monopoly power?

  3. How does government regulation affect monopolies?

Evaluation/Comparison:

  1. Which market structure provides the most benefit to consumers and why?

  2. How do technological advancements impact different market structures?

Would you like these adapted for a lesson plan, student worksheet, or exam review?

Free Enterprise & other Economic Systems

Competition & Structure

NYSED Curriculum (High School Level)

Unit 1: Introduction to Economics (Weeks 1–2)

Unit 2: Economic Systems (Weeks 3–4)

  • Key Concepts:

    • Market, command, and mixed economies

    • Roles of government in different systems

  • Standards Addressed:

    • Standard 4: Economics

    • Key Idea 2: Different economic systems address the basic economic questions differently.

  • Activities:

    • Comparative analysis of economic systems

    • Group projects on the advantages and disadvantages of each system

    • Research on countries' economic systemscommack.k12.ny.us

Unit 3: Supply and Demand (Weeks 5–6)

Unit 4: Business Organizations and Market Structures (Weeks 7–8)

  • Key Concepts:

    • Types of business organizations (sole proprietorship, partnership, corporation)

    • Market structures (perfect competition, monopolistic competition, oligopoly, monopoly)

  • Standards Addressed:

    • Standard 4: Economics

    • Key Idea 4: The structure of markets affects the behavior of firms and individuals.

  • Activities:

    • Case studies of different market structures

    • Debates on the benefits and drawbacks of monopolies

    • Research on local businesses and their market structures

Unit 5: Money and Banking (Weeks 9–10)

  • Key Concepts:

    • Functions of money

    • Banking system and Federal Reserve

    • Monetary policy

  • Standards Addressed:

    • Standard 4: Economics

    • Key Idea 5: Money facilitates exchange.

  • Activities:

Unit 6: Economic Indicators (Weeks 11–12)

  • Key Concepts:

    • Gross Domestic Product (GDP)

    • Unemployment rate

    • Inflation

  • Standards Addressed:

    • Standard 4: Economics

    • Key Idea 6: Economic indicators provide information about economic performance.

  • Activities:

Unit 7: Fiscal Policy and Government Spending (Weeks 13–14)

  • Key Concepts:

    • Government revenue and expenditure

    • Fiscal policy tools (taxation, government spending)

    • Budget deficits and national debt

  • Standards Addressed:

    • Standard 4: Economics

    • Key Idea 7: Government policies influence economic activity.

  • Activities:

    • Debates on government spending priorities

    • Analysis of federal and state budgets

    • Simulations of fiscal policy decisions

Unit 8: International Trade and Global Economy (Weeks 15–16)

Unit 9: Personal Finance (Weeks 17–18)

Law of Demand Vocabulary

  1. Demand – The quantity of a good or service that consumers are willing and able to buy at various prices.

  2. Quantity Demanded – The specific amount of a good that buyers are willing to purchase at a particular price.

  3. Law of Demand – When the price of a good falls, the quantity demanded increases; when the price rises, the quantity demanded decreases (all else being equal).

  4. Substitute Goods – Goods that can replace each other. If the price of one goes up, demand for the other may increase.

  5. Complementary Goods – Goods that are used together. If the price of one rises, demand for the other may fall.

  6. Income Effect – When a lower price increases a consumer's real income, allowing them to buy more.

  7. Substitution Effect – When a good becomes cheaper compared to others, people will buy more of it instead of the pricier alternatives.

  8. Demand Curve – A graph showing the relationship between price and quantity demanded.

  9. Normal Goods – Goods for which demand increases as income rises.

  10. Inferior Goods – Goods for which demand decreases as income rises.

📈 Law of Supply Vocabulary

  1. Supply – The amount of a good or service that producers are willing and able to offer for sale at different prices.

  2. Quantity Supplied – The specific amount of a good that producers are willing to sell at a particular price.

  3. Law of Supply – As the price of a good increases, the quantity supplied increases; as the price decreases, quantity supplied decreases (all else being equal).

  4. Supply Curve – A graph showing the relationship between price and quantity supplied.

  5. Input Costs – The costs of resources (like labor, materials) used to produce a good. Higher input costs can decrease supply.

  6. Technology – Improvements in production methods that can lower costs and increase supply.

  7. Subsidy – A government payment to producers to encourage production, which can increase supply.

  8. Taxes – Government charges on producers; higher taxes can decrease supply.

  9. Market Supply – The total amount of a good that all producers in the market are willing to sell.

  10. Producer Expectations – What sellers think will happen in the future can affect current supply levels.

At the high school level, the curriculum delves deeper into complex economic concepts:

  • Economic Systems: Analyzing different economic systems (e.g., capitalism, socialism) and their approaches to resource allocation.

  • Market Structures: Understanding how markets operate, including the roles of supply and demand, competition, and pricing.

  • Government and the Economy: Evaluating the impact of government policies on economic growth, stability, and equity.

  • Global Economics: Exploring international trade, globalization, and the interdependence of world economies.

Guided Learning Worksheets

Hard copies and digital copies of texts

You Tube Videos

Resources shared among teachers via Google Drive

Choice of the following:

Activity Sheets

Homework

Essays

Tests

Projects

2-3 Weeks

12.E3 THE IMPACT OF AMERICAN CAPITALISM IN A GLOBAL ECONOMY: There are various economic systems in the world. The United States operates within a mixed, free market economy that is characterized by competition and a limited role of government in economic affairs. Economic policy makers face considerable challenges within a capitalist system, including unemployment, inflation, poverty, and environmental consequences. Globalization increases the complexity of these challenges significantly, and has exerted strong and transformative effects on workers and entrepreneurs in the United States economy.
(1) SS.12E.3.a As the United States has evolved from an agrarian to an industrial to an information economy, the workplace requires a more highly skilled and educated workforce.
(1) SS.12E.3.b The government’s evolving role in protecting property rights, regulating working conditions, protecting the right to bargain collectively, and reducing discrimination in the workplace has attempted to balance the power between workers and employers. This role shifts in response to government’s need to stimulate the economy balanced against the need to curb abusive business practices.
(1) SS.12E.3.c The freedom of the United States economy encourages entrepreneurialism. This is an important factor behind economic growth that can lead to intended consequences (e.g., growth, competition, innovation, improved standard of living, productivity, specialization, trade, outsourcing, class mobility, positive externalities) and unintended consequences (e.g., recession, depression, trade, unemployment, outsourcing, generational poverty, income inequality, the challenges of class mobility, negative externalities.).
(1) SS.12E.3.d A degree of regulation, oversight, or government control is necessary in some markets to ensure free and fair competition and to limit unintended consequences of American capitalism. Government attempts to protect the worker, ensure property rights, and the marketplace as well as to promote income equality and social mobility have had varied results.
(1) SS.12E.3.e The degree to which economic inequality reflects social, political, or economic injustices versus individual choices is hotly debated. The role that the government should play in decreasing this gap, including the variety of government programs designed to combat poverty, is debated as well.

Here are several focus questions on labor unions that can help guide discussion, research, or writing:

General Understanding

  1. What is the primary purpose of labor unions?

  2. How have labor unions evolved over time in the United States (or globally)?

  3. What are the typical benefits and drawbacks of union membership for workers?

  4. How do unions influence wages, working conditions, and job security?

Historical and Legal Context

  1. What were the key events that led to the rise of labor unions in the 19th and 20th centuries?

  2. How did the National Labor Relations Act (Wagner Act) impact the growth of unions?

  3. What role did strikes and collective bargaining play in labor history?

Current Issues and Perspectives

  1. Why have union membership rates declined in recent decades?

  2. How do unions function in the public sector versus the private sector?

  3. What are the arguments for and against the right-to-work laws?

  4. How do labor unions impact employer-employee relationships today?

Broader Impacts

  1. How do unions affect the broader economy and income inequality?

  2. What role do unions play in advocating for social and political change?

  3. How are unions adapting to changes in the workforce, such as the gig economy and remote work?

  4. Here are some focused questions on the Federal Reserve System (or simply, the Reserve System) that you can use for study, discussion, or analysis:

    Basic Understanding

    1. What is the primary purpose of the Federal Reserve System?

    2. How is the Federal Reserve structured, and what are the roles of its main components?

    3. Why was the Federal Reserve created, and what problems was it designed to solve?

    Monetary Policy

    1. How does the Federal Reserve implement monetary policy?

    2. What are the main tools the Federal Reserve uses to influence the economy?

    3. How does the Federal Reserve target the federal funds rate, and why is this important?

    Economic Impact

    1. How does the Federal Reserve's policy affect inflation and unemployment?

    2. In what ways does the Federal Reserve influence interest rates and credit availability?

    3. What is the relationship between the Federal Reserve and commercial banks?

    Oversight and Independence

    1. How independent is the Federal Reserve from political influence?

    2. What oversight exists over the Federal Reserve’s actions?

    Crisis Management

    1. How did the Federal Reserve respond to the 2008 financial crisis?

    2. What role did the Federal Reserve play during the COVID-19 pandemic?

    Critical Analysis

    1. What are some common criticisms of the Federal Reserve System?

    2. Should the Federal Reserve have more or less power in the economy?

Trade, Development, & Globalization

Basic Market Structure Types

  1. Perfect Competition – A market with many buyers and sellers, identical products, and no barriers to entry.

  2. Monopolistic Competition – Many sellers offering differentiated products with some control over price.

  3. Oligopoly – A market dominated by a few large firms, often with significant barriers to entry.

  4. Monopoly – A market with only one seller, who has significant control over price and supply.

Key Vocabulary Terms

  1. Barriers to Entry – Obstacles that make it difficult for new firms to enter a market (e.g., high startup costs, regulations).

  2. Price Maker – A firm that has the power to influence or set the price of its product (e.g., monopolies).

  3. Price Taker – A firm that must accept the market price and cannot influence it (e.g., in perfect competition).

  4. Market Power – The ability of a firm to influence the price or quantity of a good in the market.

  5. Product Differentiation – Efforts by firms to make their product appear different from competitors' products.

  6. Collusion – An agreement between firms to limit competition, often by fixing prices or output (common in oligopolies).

  7. Cartel – A formal agreement between competing firms to control prices or production (e.g., OPEC).

  8. Non-price Competition – Competing based on factors other than price, like quality, branding, or customer service.

  9. Economies of Scale – Cost advantages gained by increasing production, often making it hard for smaller firms to compete.

  10. Natural Monopoly – A market situation where a single firm can supply a good more efficiently than multiple competing firms (e.g., utilities).

  11. Marginal Revenue – The additional income from selling one more unit of a good.

  12. Marginal Cost – The additional cost of producing one more unit of a good.

  13. Profit Maximization – The goal of firms to produce where marginal revenue equals marginal cost (MR = MC).

  14. Deadweight Loss – A loss of economic efficiency that can occur when equilibrium is not achieved (often in monopolies).

  15. Allocative Efficiency – When resources are distributed in a way that maximizes total societal welfare.

Guided Learning Worksheets

Hard copies and digital copies of texts

You Tube Videos

Resources shared among teachers via Google Drive

Choice of the following:

Activity Sheets

Homework

Essays

Tests

Projects

3-5 Weeks

12.E4 THE TOOLS OF ECONOMIC POLICY IN A GLOBAL ECONOMY: Globalization and increased economic interdependence affect the United States economy significantly. The tools that the policy makers have available to address these issues are fiscal policy, monetary policy, and trade policy.
(1) SS.12E.4.a Policy makers establish economic goals related to economic indicators including the Gross National Product (GNP), Gross Domestic Product (GDP), Consumer Price Index (CPI), employment and interest rates, and aggregate supply and demand.
(1) SS.12E.4.b The president and Congress determine fiscal policy by establishing the level of spending and taxing in the annual budget. Some tax programs are designed to provide incentives to individuals and businesses that influence private sector spending, saving, and investment.
(1) SS.12E.4.c The Federal Reserve is the government institution responsible for managing the nation’s monetary policy including regulating the amount of money in circulation and interest rates.
(1) SS.12E.4.d Trade policies and agreements (tariffs, quotas, embargoes) set the rules for trade between the United States and other nations. Agreeing on such rules is very difficult because each nation has different interests, and each nation has special interests trying to influence the negotiations.

Here are several focused questions on taxation that can be used for study, discussion, or research purposes:

General Understanding

  1. What are the primary purposes of taxation in a modern economy?

  2. How do progressive, regressive, and proportional tax systems differ?

  3. What are the main types of taxes collected by governments (e.g., income, corporate, sales, property)?

Income Taxation

  1. How is individual income taxed in your country?

  2. What are the effects of marginal tax rates on work incentives and productivity?

  3. What deductions and credits are commonly available in the personal income tax system?

Corporate Taxation

  1. How is corporate income taxed, and what are the main arguments for and against lowering corporate tax rates?

  2. How do multinational corporations use tax avoidance strategies like profit shifting?

  3. What are the potential impacts of global minimum tax agreements on national tax policy?

Sales and Consumption Taxes

  1. What is the difference between a sales tax and a value-added tax (VAT)?

  2. How do consumption taxes affect low-income versus high-income households?

Property and Wealth Taxes

  1. How do property taxes support local government budgets?

  2. What are the pros and cons of implementing a wealth tax?

  3. How do inheritance and estate taxes impact wealth inequality?

Tax Policy and Reform

  1. What are the main goals of tax reform efforts?

  2. How can tax policy be used to address income inequality?

  3. What role does tax compliance and enforcement play in revenue collection?

Would you like these tailored to a specific country or level of education (e.g., high school, college, policy-making)?

Economic Performances & Challenges

Money, Banking, & Financial Markets

Basic Terms

  • Union: An organization formed by workers to protect their rights and interests.

  • Labor union: Another term for a union, focused specifically on workers and employment conditions.

  • Collective bargaining: The process where union representatives negotiate with employers on behalf of members.

  • Strike: A work stoppage by employees to protest conditions or advocate for changes.

  • Picket line: A boundary established by workers on strike, often outside a workplace, to protest.

  • Scab: A derogatory term for a worker who continues to work or replaces striking workers.

  • Shop steward: A union member elected to represent other workers in dealings with management.

  • Closed shop: A workplace where only union members can be hired (often illegal in many places today).

  • Open shop: A workplace where union membership is not required.

  • Right-to-work laws: Laws that prohibit requiring union membership as a condition of employment.

💼 Negotiation & Agreements

  • Contract: A formal agreement between the union and employer outlining wages, hours, and working conditions.

  • Grievance: A formal complaint by an employee or union about a violation of the contract.

  • Mediation: A neutral third party helps resolve disputes between union and employer.

  • Arbitration: A neutral third party makes a binding decision to resolve a dispute.

📊 Union Activities

  • Union dues: Regular payments made by members to fund union activities.

  • Organizing: The process of forming or expanding a union within a workplace.

  • Decertification: A process by which workers vote to remove a union as their representative.

    1. Medium of Exchange – Money is used to buy and sell goods and services.

    2. Unit of Account – Money provides a standard measure of value for goods and services.

    3. Store of Value – Money can be saved and used in the future without losing value (assuming no inflation).

    4. Standard of Deferred Payment – Money is used to settle debts payable in the future.

    📘 Supporting Vocabulary:

    • Currency – Physical form of money (coins and notes).

    • Liquidity – How easily money or assets can be converted into cash.

    • Inflation – The rate at which the general level of prices for goods and services rises.

    • Barter – Exchange of goods and services without using money.

    • Legal Tender – Money that must be accepted if offered in payment of a debt.

    • Fiat Money – Money that has value because the government says it does, not because it's backed by a physical commodity.

    • Purchasing Power – The value of money expressed in terms of the amount of goods or services it can buy.

    • Monetary System – The framework of institutions and rules governing the supply and use of money.

    • Core Terms:

      1. Federal Reserve System (The Fed) – The central bank of the United States, created to provide the nation with a safe, flexible, and stable monetary and financial system.

      2. Monetary Policy – The process by which the Federal Reserve controls the money supply and interest rates to influence the economy.

      3. Interest Rate – The cost of borrowing money, often influenced by the Federal Reserve's policies.

      4. Federal Funds Rate – The interest rate at which banks lend reserve balances to other banks overnight; a key rate influenced by the Fed.

      5. Inflation – The rate at which the general level of prices for goods and services rises, eroding purchasing power.

      6. Deflation – A decrease in the general price level of goods and services.

      7. Open Market Operations (OMO) – The buying and selling of government securities by the Federal Reserve to regulate the money supply.

      8. Reserve Requirement – The minimum amount of reserves a bank must hold against deposits, set by the Federal Reserve.

      9. Discount Rate – The interest rate charged by Federal Reserve Banks to commercial banks for short-term loans.

      10. Liquidity – The availability of liquid assets (cash or assets easily converted to cash) in the financial system.

      Organizational Terms:

      1. Board of Governors – The main governing body of the Federal Reserve, consisting of seven members appointed by the President and confirmed by the Senate.

      2. Federal Open Market Committee (FOMC) – A 12-member committee within the Fed that makes key decisions about interest rates and the growth of the U.S. money supply.

      3. Federal Reserve Banks – The 12 regional banks that make up the Federal Reserve System, each serving a specific district in the U.S.

      4. Chair of the Federal Reserve – The leader of the Board of Governors and the public face of U.S. monetary policy.

      Related Concepts:

      1. Quantitative Easing (QE) – A monetary policy in which the Fed purchases longer-term securities to increase the money supply and encourage lending and investment.

      2. Dual Mandate – The Federal Reserve's responsibility to promote maximum employment and stable prices.

      3. Tapering – The gradual slowing of the Fed’s asset purchases to reduce monetary stimulus.

      4. Balance Sheet – A financial statement showing the Fed's assets and liabilities, often expanded during quantitative easing.

      5. Central Bank – A national institution that oversees the monetary system and policy of a country; the Fed is the central bank of the U.S.

      6. Economic Indicators – Statistics like GDP, unemployment rate, and CPI used by the Fed to assess the health of the economy.

        Basic Tax Terms

        • Tax – A compulsory financial charge imposed by a government.

        • Taxpayer – An individual or entity that is obligated to pay taxes.

        • Income tax – A tax imposed on individuals or entities based on their income.

        • Sales tax – A tax on the sale of goods and services.

        • Property tax – A tax on the value of property owned.

        • Excise tax – A tax on specific goods like alcohol, tobacco, or gasoline.

        • Payroll tax – Taxes withheld from employees' wages and paid by employers.

        Government and Legal Terms

        • IRS (Internal Revenue Service) – The U.S. government agency responsible for tax collection and enforcement.

        • Tax code – The laws and regulations governing taxation.

        • Tax return – A form filed with a tax authority to report income, expenses, and other tax information.

        • Audit – A formal review of an individual’s or organization's financial records.

        Tax Types and Concepts

        • Progressive tax – A tax rate that increases as income increases.

        • Regressive tax – A tax that takes a larger percentage from low-income earners.

        • Flat tax – A tax system with a constant rate, regardless of income level.

        • Tax bracket – Income ranges that are taxed at different rates in a progressive system.

        • Tax deduction – An expense that reduces taxable income.

        • Tax credit – An amount subtracted directly from the tax owed.

        • Withholding – The amount of tax taken out of an employee’s paycheck by the employer.

        Business and Economic Terms

        • Corporate tax – A tax on the profits of a corporation.

        • Capital gains tax – A tax on the profit from the sale of assets or investments.

        • Value-added tax (VAT) – A tax added at each stage of production or distribution (common in Europe).

        • Depreciation – A deduction representing the reduction in value of an asset over time.

Guided Learning Worksheets

Hard copies and digital copies of texts

You Tube Videos

Resources shared among teachers via Google Drive

Choice of the following:

Activity Sheets

Homework

Essays

Tests

Projects
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