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EconomicsHodges
Exam Review
| Question | Answer |
|---|---|
| Interest Rates the FED charge banks | Federal Funds Rate |
| Tax on specific goods or services | Excise Tax |
| Financial Policy of taxing and spending | Fiscal Policy |
| Effects of a decision that are ignored in market | External Costs and Benefits |
| Financial Impact of a tax: Who will really pay it? | Tax Incident |
| Tax that takes a larger percent from high-income taxpayers than low-income taxpayers | Progressive Tax |
| Theory that that those with higher income should pay more in taxes than those with lower income | Ability-to-pay principle |
| Tax that requires each person to pay the same percentage of their income | Proportional Tax |
| Theory that taxes should be based on services recieved | Benefits-received principle |
| Tax that affects low-income groups more than high-income groups | Regressive tax |
| A period of rising prices | Inflation |
| Rising prices due to increase in cost to produce | Cost-push inflation |
| Established by federal reserve act of 1913 | FED |
| A government issued paper money and coins | Currency |
| The value of money | Purchasing power |
| Regulates the nations supply of money | FOMC |
| Fixed portions of bank deposits not loaned | Required Reserves |
| Total amount of money in circulation in a country at a given time | Money Supply |
| When demand for goods increases faster than industries ability to satisfy demand so prices increase | Demand-Pull inflation |
| Use of FED to control supply of money | Monetary Policy |
| Settling differences by allowing a third party to hand down a decision that is final and binding | Arbitration |
| Business in which workers must belong to the union before they can be hired | Closed Shop |
| Requires workers to join the union once theyre hired | Union Shop |
| A union consisting of skilled workers in a particular trade such as carpenters, machinists, and electricians | Craft Union |
| A refusal to do business with a firm involved in a dispute | Boycott |
| Negotiations with management by a union to prepare a labor contract | Collective Bargaining |
| Effort by a third party to bring labor and management together to work out their differences on their own | Conciliation |
| A union consisting of skilled and unskilled workers in a particular plant of industry | Industrial Union |
| A method for settling labor disputes in which a third party makes non-binding suggestions | Mediation |
| Work stoppage to force management to accept union demands | Strike |
| This is a court order, historically used to keep workers from striking and picketing | Injunction |
| How much more of a product sellers want to sell than buyers want to buy at a given price | Surplus |
| How much more of a product buyers want to buy than sellers want to sell at a given price | Shortage |
| The price that balances the amount consumers want to buy with the amount sellers want to sell sometimes called market equilibrium | Market Clearing Price |
| The quantities of a particular good or service consumers are willing and able to buy at different possible prices at a particular time | Demand |
| The various amounts of goods and services a producer is willing and able to sell at different possible prices at a particular time | Supply |
| The sum of all individual demands in a given market at a particular time | Market Demand |
| The sum of all individual supplies in a given market at a particular time | Market Supply |
| People buy less of something at higher prices than they do at lower prices | Price effect of demand |
| People will offer more items for sale at higher prices than at lower prices | Price effect of supply |
| A good or service that can replace another good or service | Substitute Goods |
| Goods that can often be used together | Complimentary goods |
| A business managed on behalf of its owners/stockholders, who provide funds | Corporation |
| A person who takes risk to develop a better way to operate a busness | Entreprenuer |
| Where saver exchange with borrowers and others who are willing to pay for use of the money | Financial Markets |
| The promotion and sale of goods and services over the internet | E-Commerce |
| A business owned by one person | Sole Proprietor |
| This is the workforce consisting of all those people 16 years of age or older who are currently employed or are looking for work | Labor Force |
| Formal complaint made by union or employees if they feel that they have been treated inappropriately under the contract | Grievances |
| A business owned by two or more people | Partnership |
| The market value of goods and services produced within a country during a given time | Gross Domestic Product |
| The importance assigned to a workers length of service when it comes to question of raises, layoffs, vacation, sick leave, etc | Seniority |
| The process of trading occurs in markets, each person believes they benefit | Voluntary Exchange |
| Because items are limited we are forced to make these | Choices |
| The use of machinery, buildings, and tools to create goods and services | Capital Resources |
| The best alternative given up when making a choice | Opportunity cost |
| These are resources needed to produce and good or service | Factors of prodction |
| A reason for doing something | incentive |
| the study of pope producing and exchanging to get the goods and services they want | Economics |
| Labor or the physical and mental efforts people use to produce goods and services | Human Resources |
| The result of inabilities to satisfy everybodys wants | Scarcity |
| Unaltered gifts of nature used to produce goods and services | Natural Resources |
| Capital and other resources owned by the individual or business not the government | Private Property |
| Father of Communism | Karl Marx |
| Father of Capitalism | Adam Smith |
| A system in which the basic economic questions are answered by long standing customs | Traditional Economy |
| Rivalry among buyers and sellers in the production and consumption of resources and products | Competition |
| Term for market Economy | Free Enterprise |
| The government or central planners answer the three questions of all economic systems | Command Economy |
| The use of prices to allocate scarce resources | Price System |
| An economic system where the three basic question are answered by a mixture of command, traditional, and market approaches | Mixed Economy |
| Absolute Advantage | Being able to produce goods with fewer resources |
| Balance of Trade | Imports and Exports (equilibrium? was money made? Lost?) |
| Comparative Advantage | Being able to produce goods with a lower opportunity cost |
| Credit | Ability to obtain goods before payment out of trust |
| Comparison Shopping | Comparing items by price, brand and quality between stores to obtain the best deal |
| Discretionary Income | Money that you pocket (Fun $) |
| Disposable Income | Money after taxes |
| Diversity | Spreading out your risk |
| Economic Growth | Steady growth in the production capactiy of the economy |
| Exchange Rate | Value of one currency for the purpose of converting it into another |
| Gross Income | Total money earned before taxes |
| Interest | Fee paid on money borrowed |
| Tariff | Tax on imports |
| Savings | Money left over to save for later use |
| Liquidity | How easily it can be turned into money |
| Market | Sellers meet with buyers to exchange goods and services |
| Principle | Amount Borrowed (still owed on a loan) |
| Profit | Financial Gain |
| Rationing | Each person can have only a fixed amount because of limitations |
| Resource Market | Economic resources to be traded |
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