17
Lesson 17 of 84 · Economics
What Are Taxes and Why Do We Pay Them?
Taxes fund schools, roads, the military, and social programs. Types include income tax, sales tax, and property tax.
Key Facts
1
Every choice has an opportunity cost.
2
Money is a medium of exchange.
3
Needs are different from wants.
Check Your Understanding
Question 1
1 of 2What happens when demand is high and supply is low?