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Lesson 81 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
Needs are different from wants.
2
Supply and demand affect prices.
3
Trade connects people globally.
Check Your Understanding
Question 1
1 of 2What is the difference between needs and wants?