Key High School Economic Concepts for Tax Tycoon

Use the simulation to discuss concepts such as: 

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Taxation

• Types of taxes: income, sales/VAT, property, corporate, tariffs, sin taxes

• Tax base: what’s taxed, exemptions, deductions

• Tax structure: progressive, proportional, regressive

• Tax incidence and elasticity (who bears the burden)

• Laffer curve (tax rates vs. revenue)

Government Finance

• Revenue and spending

• Budget surplus, deficit, and debt

• Fiscal policy: expansionary vs. contractionary

• Public goods and externalities

• Redistribution and equity vs. efficiency

• Opportunity cost of government spending

Population & Behavior

• Utility and happiness from income/services

• Fairness and public trust in taxation

• Free rider problem

• Behavioral responses to taxes (work, spend, save)

• Income inequality and migration effects

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Public Spending Areas

• Education

• Healthcare

• Infrastructure

• Defense/security

• Welfare/social programs

• Environment and R&D

Indicators & Feedback

• GDP, unemployment, inflation

• Tax revenue and debt levels

• Inequality (Gini index)

• Citizen satisfaction or approval rating

Political & Philosophical Context

• Role of government: limited vs. interventionist

• Economic freedom vs. equality

• Short-term popularity vs. long-term stability