Term
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Definition
| a time of prosperity before the start of economic decline |
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Term
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Definition
| income taxes, unemployment benefits, for example |
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Term
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Definition
| a period of general underemployment of economic resources |
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Term
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Definition
| the nation's output adjusted for changes in the cost of living and population |
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Term
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Definition
buying and selling government bonds and other US treasury securities by the Federal Reserve system
(FED tries to balance the economy) |
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Term
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Definition
| government strategies for controlling the money supply |
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Term
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Definition
| involves the use of the government's power to tax and spend |
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Term
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Definition
| money in checking accounts at banks |
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Term
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Definition
| income taxes, unemployment benefits, for example |
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Term
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Definition
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Term
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Definition
| study of people producing and exchanging to get the things they want |
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Term
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Definition
| how people in a society make the what, how, and who decisions |
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Term
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Definition
| takes business risks in hopes of earning a profit |
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Term
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Definition
| items of value that can be seen and touched |
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Term
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Definition
| the best alternative one gives up when making a choice |
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Term
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Definition
| the inability to satisfy all of everybody's wants |
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Term
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Definition
| items of value that cannot be seen or touched |
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Term
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Definition
| whenever and wherever people exchange with one another |
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Term
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Definition
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Term
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Definition
| another name for a market economy |
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Term
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Definition
| alternatives that must be given up when one is chosen rahter than another |
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Term
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Definition
| where you exchange your labor for money to spend on goods and services |
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Term
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Definition
| money prices provide this in a market economy |
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Term
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Definition
| rivalry among businesses for the consumer's dollar |
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Term
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Definition
| increased production of goods and services |
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Term
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Definition
| a function of money which enables people to make exchanges more easily with one another |
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Term
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Definition
| a simplified representation or map of an economy |
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Term
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Definition
| money prices provide this in a market economy |
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Term
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Definition
| provides signals for what will be produced |
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Term
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Definition
| authority to use or trade a good or resource |
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Term
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Definition
| money remaining after deducting costs from sales |
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Term
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Definition
| elected representatives of a corporation's shareholders |
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Term
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Definition
| profits distributed to the owners of a corporation |
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Term
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Definition
| sees new business opportunities and assumes risk to pursue them |
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Term
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Definition
| authorization to vote on behalf of a stockholder |
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Term
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Definition
| method of turning the risk of a big loss into the certanty of a small periodic one |
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Term
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Definition
| these people bare a corporation's risk |
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Term
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Definition
| license allowing a business to operate as if it were part of a larger chain |
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Term
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Definition
| advantage of corporations that allows them to continue when owners leave or die |
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Term
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Definition
| a share of ownership in a corporation |
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Term
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Definition
| business organization that enables many owners to hire specialists to manage it for them |
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Term
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Definition
| adding to a company's capital resources |
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Term
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Definition
| they direct savings into business investment |
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Term
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Definition
| primary market where companies sell stock to raise money |
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Term
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Definition
| supplier allowing a business to charge purchases |
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Term
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Definition
| profits that businesses save and invest in their operations |
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Term
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Definition
| the purchase and sale of shared of stock issued by corporations in the past occurs here |
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Term
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Definition
| a share of ownership in a corporation, usually with voting rights |
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Term
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Definition
| profits that a corporation distributes to its owners |
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Term
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Definition
| a long-term IOU issued by a business |
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Term
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Definition
| summarizes the value of what a business owns and what it owes |
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Term
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Definition
| the various amounts of something a person is willing and able to buy at different possible prices |
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Term
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Definition
| the amount of a product you can buy with your money |
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Term
| price elasticity of demand |
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Definition
| describes how much a change in price affects the quantity demanded |
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Term
| diminishing personal value |
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Definition
| the more of something a person has, the less he of she is willing to give up to get more of it |
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Term
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Definition
| people want to buy less of a product at all possible prices |
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Term
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Definition
| people want to buy more of a product when its price falls |
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Term
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Definition
| the sum of all individuals' demands in a given market |
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Term
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Definition
| something used in place of a particular product |
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Term
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Definition
| items that people typically use together, such as peanut butter and jelly |
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Term
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Definition
| a product's price multiplied by the number of units sold |
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Term
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Definition
| usually rises as the rate of production increases |
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Term
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Definition
| the various amounts of something a producer is willing and able to sell at different possible prices |
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Term
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Definition
| exists when the price effect is substantial |
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Term
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Definition
| the sum of all producers' supplies in a given market |
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Term
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Definition
| people want to sell less of a product at all possible prices |
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Term
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Definition
| producers want to sell more at higher prices than at lower prices |
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Term
| expectations of higher future prices for a product |
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Definition
| can cause today's supply curve to shift to the left |
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Term
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Definition
| causes the supply curve to shift to the right |
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Term
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Definition
| business people bear this when producing things we want |
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Term
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Definition
| exists when the price effect is small |
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Term
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Definition
| allocating something scarce among people who want more than is available |
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Term
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Definition
| the price that balances the amount buyers want to buy with the amount sellers want to sell |
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Term
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Definition
| the amounts sellers want to sell at different possible prices |
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Term
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Definition
| the amounts buyers want to buy at different possible prices |
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Term
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Definition
| how much more of a product buyers want to buy than sellers want to sell at a given price |
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Term
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Definition
| how much more of a product sellers want to sell than buyers want to buy at a given price |
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Term
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Definition
| rivalry among buyers or among sellers |
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Term
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Definition
| reasons for producing goods and services |
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Term
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Definition
| buyers want to buy more than before at every price |
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Term
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Definition
| market prices provide this for producers and consumers |
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Term
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Definition
| theory that those with higher incomes should pay more in taxes than those with lower incomes |
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Term
| benefits-received principle |
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Definition
| concept that taxes should be based on services received |
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Term
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Definition
| tax on profits earned by corporations |
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Term
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Definition
| tax on a specific good or service |
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Term
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Definition
| an income tax on individuals |
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Term
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Definition
| tax that takes a larger percentage from a high-income taxpayer than from a low-income taxpayer |
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Term
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Definition
| requires each person to pay the same percentage of his or her income in taxed |
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Term
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Definition
| tax that affects low-income groups more than high-income groups |
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Term
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Definition
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Term
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Definition
| tax applied at each stage of production or distribution |
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Term
| what are the two principles of taxation? |
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Definition
| benefits received principle and ability to pay |
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Term
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Definition
| simple, equitable, and efficient |
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Term
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Definition
| social security and medicare |
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Term
| larges sources of tax revenue collected by gov in order? |
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Definition
| income tax, FICA, corporate tax |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| tax on things like alcohol, cigarettes, gambling |
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Term
| what are three different categories of a regressive tax? |
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Definition
| sales tax, benefits received, property tax |
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Term
| people who promote a federal VAT understand that the opportunity cost is |
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Definition
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