Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Economics Exam
Economics
| Term | Definition |
|---|---|
| Progressive Tax | Tax that takes larger percent from high-income taxpayer |
| Proportional Tax | Tax that requires each person to pay the same percentage of their income |
| Regressive Tax | Tax that affects low-income groups more than high-income groups |
| Excise Tax | Tax on specific goods or services |
| External Costs and Benefits | Effects of a decision that are ignored in market |
| Fiscal Policy | Financial policy of taxing and spending |
| Ability to Pay Principle | Theory that those with higher incomes should pay more in taxes than those with lower income |
| Benefits Received Principle | Theory that taxes should be based on services recieved |
| Tax Incident | Financial impact of a tax: who will really pay it |
| Currency | Government-issued paper money and coins |
| Purchasing Power | The value of money |
| Inflation | A period of rising prices |
| Demand-Pull Inflation | When demand for goods increases faster than industry's ability to satisfy demand, so prices increase |
| Cost-Push Inflation | Rising prices due to increase in cost to produce |
| Required Reserves | Fixed portions of bank deposits not loaned |
| Money Supply | Total amoutn of money in circulation in a country at a given time |
| Federal Funds Rate | Intrest rated the FED charges banks |
| FOMC | Regulates the nations supply of money |
| FED | Established by Federal Reserve Act of 1913 |
| Monetary Policy | Use of FED to control supply of money |
| Complimentary Goods | Goods that are often used together |
| Demand | The quantities of a particular good or service consumers are willing and able to buy at different possible prices at a particular time |
| Market Clearing Price | The price that balances the amount consumers want to buy with teh amount sellers want to sell. Sometimes called market equilibrium or equilibrium price |
| Market Demand | The sum of all individual demands in a given market at a particular time |
| Market Supply | The sum of an individual supplies in a given market at a particular time |
| Price Effect of Demand | People buy less of something at higher prices than they do at lower prices |
| Price Effect of Supply | People will offer more items for sale at higher prices than at lower prices |
| Shortage | How much more of a product buys want to buy than sellers want to sell at a given price |
| Substitue Goods | A good or service that can replace another good or service |
| Supply | The various amounts of goods and services a producer is willing and able to sell at different possible at a particular time |
| Surplus | How much more of a product sellers want to sell than buyers want to buy at a given price |
| Corporation | A business managed on behalf of its owners/stockholders, who provide the funds |
| E-Commerce | The promotion and sale of goods and services over the internet |
| Entrepreneur | A person who takes a risk to create a new product or to develop a better way to operate a business |
| Financial Markets | Where savers exchange with borrowers and others who are willign to pay for use of the money |
| Grievances | Formal complaint made by union or employees if they feel that they have been treated inappropriately under terms of the contract |
| Gross Domestic Product | The market value of goods and services produced within a country during a given time |
| Labor Force | This is the work force; consisting of all those people 16 years of age or older who are currently employed or are looking for work |
| Partnership | A business owned by two or more people |
| Taft-Harley Act | This political policy prevented labor unions from engaging in "unfair labor practices", outlawed a closed shop, allows the President to get injunction that delarys a strike for 80 days that threatens "national health or safety" |
| Seniority | The importance assigned toa workers length of service when it comes to questions of raises, layoffs, vacations, sick leave, etc. |
| Sole Proprietor | A business owned by one person |
| Wagner Act | The political policy guaranteed the rights of workers to join unions and engage in collective bargaining, created a NLRB, and prohibited employers from engaging in "unfair labor practices" |
| Arbitration | Settling differences by allowing a third party to hand down a decision that is final and binding |
| Boycott | A refusal to do business with a firm involved in a dispute |
| Closed Shop | Business in which workers must belong to the union before they can be hired |
| Collective Bargaining | Negotiations with management by a union to prepare a labor contract |
| Conciliation | Effort by a third party to bring labor and management together to work out their differences on their own |
| Craft Union | A union consisting of skilled workers in a particular trade such as carpenters, machinists, and electricians |
| Industrial Union | A union consisting of skilled and unskilled workers in particular plant or industry |
| Injunction | The is a court order. Historically used to keep workers from striking and picketing |
| Mediation | A method for settling labor disputes in which a third party makes non-binding suggestions |
| Open Shop | A business open equally to union and nonunion members |
| Strike | Work stoppage to force management to accept union demands |
| Union Shop | Requires workers to join the union once they are hired |
| Capital Resources | The use of machinery, buildings, and tools to create goods and services |
| Choices | Because items are limited we are forced to make these |
| Economics | This is the study of people producing and exchanging to get the goods and services they want |
| Factors of Production | Theses are the resources needed to produce any good or service |
| Human Resources | Labor or the physical and mental efforts people use to produce goods and services |
| Incentive | A reason for doing something |
| Natural Resources | Unaltered gifts of nature used to produce goods and services |
| Opportunity Cost | The best alternative given up when making a choice |
| Scarcity | The result of inabilities to satisfy everybodys wants |
| Voluntary Exchange | The process of trading that occurs in markets. Each person believes that they benefit |
| Adam Smith | He is the father of Capitalism. He believed that the government had no role in economics |
| Command Economy | The government or central planners answer the three question of all economic systems |
| Competition | Rivalry among buyers and sellers in the production and consumption of resources and products |
| Entrepreneur | A person taht takes a risk to create a new product or to develop a better way to operate a business |
| Free Enterprise | This is another term for capitalism or market economy |
| Karl Marx | He is the father of Communism/Socialism. He believed that all people should work fo rthe good of the order with the government allocating resources based on need |
| Mixed Economy | An economic system where the three basic questionss are answered by a mixture of command, traditional, and market approaches |
| Price System | The use of prices to allocate scarce resourcea |
| Private Property | Capital and other resources owned by the individual or business not the government |
| Traditional Economy | A system in which the basic economic questions are answered by long standing customs |
Created by:
lumberteri
Popular World History sets