Econ Exam-09 Christmas, Janousky
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| Ability-to-pay | a principle stating that government should tax people in proportion to their ability to pay the tax
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| Average fixed costs | total fixed costs divided by quantity produced
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| average total costs | the sum of average fixed and variable costs
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| average variable costs | total variable costs divided by quantity produced
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| barter | an exchange of goods and services without using money
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| benefits | the gains that result when a choice is made
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| benefits-received principle | a principle stating that government should tax people in proportion to the benefits they receive from a government good or service
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| buying power | the quantity of goods and services a person can buy with a given amount of money
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| capital | the buildings, tools, and machines people create and use to produce final goods and services
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| charter | a document that states the nature of the business, the initial owners of the stock, and the types of stocks to be sold
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| command economy | an economic system in which the government holds most property rights
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| complementary goods | products that often are used together
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| consumption | the process of using a product or service
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| corporation | a business organization managed on behalf of its owners who provide the funds
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| costs | the losses that result when a choice is made
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| demand | quantities of a particular good or service consumers are willing and able to buy at different prices at a particular time
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| diminishing marginal utility | the point reached when an additional unit of a product consumed is less satisfying than the one before it
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| disincentive | a negative or withdrawn reward
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| distribution | the process of getting a product or service to consumers
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| economic equity | a condition of economic fairness and impartiality
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| economic freedom | a condition in which individuals and businesses have freedom of choice in employment, buying, selling, use of time, and other economically related decisions
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| economic growth | a condition in which the output of goods and service in an economy increases over the period of a year
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| economic security | a condition in which the basic needs of every person should be met
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| economics | a social science that studies how people, acting individually and in groups, decide to use scarce resources to satisfy their wants
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| economies of scale | reductions in cost resulting from large-scale production
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| efficiency | a condition in which maximum output is obtained from the resources used to produce goods and services
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| enterprise | a term for a business organization
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| entrepreneurship | the imagination, innovative thinking, and management skills needed to start and operate a business
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| externality | an economic side effect of producing or consuming a good or service that generates benefits to someone other than the person who decides how much to produce or consume
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| factors of production | the land, labor, and capital resources used to produce goods and services
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| FICA | an acronym that stands for Federal Insurance Contributions Act, which directs the taxes people pay for Social Security and Medicare
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| Fiscal Policy | the use of government spending and taxation to stabilize the economy
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| Fiscal year | a 12-month period that can begin on any day. The US federal government fiscal year starts October 1 and ends September 30 of the following year
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| fixed costs | costs that remain the same regardless of the amount of product a firm produces
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| franchises | a license that entitles its holder to operate his or her individually owned business as if it were part of a large chain of stores
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| free enterprise | the condition that allows people to freely make choices in their economic roles
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| full employment | a condition in which almost all people in the labor force are able to find work
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| GDP deflator | a price index that reduces the current gross domestic product prices into prices of a base year
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| Gross Domestic Product(GDP) | the final value of all goods and services produced within a country in a year
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| incentive | a positive reward that results from making a choice or behaving in a certain way
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| industry | a group of one or more firms that produce identical or similar products
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| labor | the physical and mental efforts people use to create goods and services
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| labor productivity | the amount of goods and services the work force can produce during a given time period—an hour, a week, a month, or a year
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| land | natural resources that are unaltered gifts of nature, such as soil, minerals, timber, and fresh water
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| law of demand | an inverse relationship between the quantity demanded and the price of a product
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| law of diminishing marginal returns | an economic principle which holds that as more and more variable resources are added to a fixed amount of other resources, the additional amount produced eventually decreases
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| law of supply | a positive relationship between the quantity supplies and the price of the product
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| macroeconomics | the study of the economy as a whole
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| marginal | the extra or additional costs or benefits of a decision
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| marginal analysis | decision making that involves comparing marginal benefits and marginal costs
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| marginal costs | the additional cost of increasing one unit of production
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| marginal revenue | the additional revenue generated from the sale of an additional quantity of the product
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| market | an arrangement that allows buyers and sellers to make exchanges
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| market competition | rivalry among businesses for resources and customers
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| market demand | the total of all individual demands in a given market at a particular time
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| market economy | an economy that relies on voluntary trade as the primary means of organizing and coordinating production
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| market supply | the total of all individual suppliers’ products in a market at a particular time
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| market-clearing price | the price at which the amount supplies is equal to the amount demanded
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| microeconomics | the study of individual consumers and businesses
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| mixed economy | an economic system that blends voluntary exchange, government command, and traditional elements of economic choice-making
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| monetary policy | regulating the money supply to help the economy achiever a full-employment, noninflationary level of total output
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| money | anything that is generally accepted as payment for goods and services
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| national debt | the cumulative sum of all federal government borrowing used to finance annual deficits
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| Nominal GDP | gross domestic product reported in current prices
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| Opportunity cost | the highest valued alternative given up as a result of making a choice
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| partnership | a business organization owned by two or more people who share ownership and control over the business
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| predatory pricing | selling a product below its cost with the goal to drive competitors out of business
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| price effect | the inclination of people to buy less of something at higher prices than they would buy at lower prices
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| price elasticity of demand | a measure of the impact of the price effect
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| price stability | an economic condition in which prices of goods, services, and resources do not fluctuate significantly, either up or down, in a short period of time
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| price system | an arrangement that uses monetary prices as messages to facilitate exchanges between buyers and sellers
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| private property | resources and products owned by individuals or businesses
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| production | a process that combines economic resources so the result is a good or service that is available for sale
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| productivity | the output of goods and services measured per unit of input by labor, capital, or land
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| profit | a positive difference between total sales and total costs
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| progressive tax | a tax that takes a higher proportion of income from higher income earners than from lower income earners
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| proportional tax | a tax for which the percentage of income paid in taxes is the same for all income levels
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| public good | something that, once provided, is available to anyone without additional cost
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| public property | resources and products owned by government
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| public sector | the part of the economy that involves the transactions of government
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| rationing | distributing or allocating a product by a price system
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| real GDP | Gross domestic product adjusted for inflation
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| real per capita GDP | real gross product divided by a country’s population
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| regressive tax | a tax for which the percentage of income paid in taxes decreases as income increases
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| scarcity | an inequality that exists between wants and resources available to satisfy them
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| shortage | the difference between the amount supplied and the amount demanded when the asking prices is less than a market-clearing price
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| sole proprietorship | a business owned by one person
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| specialization | a process in which businesses and people focus on producing one or a few parts of entire product
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| stock exchange | a market in which the public buys and sells shares of stock
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| substitute | a good or service that can replace another good or service
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| supply | quantities of a good or service that producers are willing and able to sell at different prices at a particular time
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| surplus | the difference between the amount supplied and the amount demanded when the asking price is greater than the market clearing price
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| total costs | the sum of total fixed costs and total variable costs
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| total revenue | a calculation of revenue that is determined by price times the quantity of units sold
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| trade | exchanging something for something else
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| traditional economy | an economic system in which people rely on traditions or customs to make what, how, and for whom choices
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| variable costs | costs that change with the changing amounts of production
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