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Economics
| Question | Answer |
|---|---|
| Gross Domestic product | The total market value of all final goods and services produced annually within the boundaries of the U.S., whether by US or foreign supplied resources. |
| Income | Flow of dollars derived from human or property resources |
| House Hold | An economic unit that provides the economy with resources and uses the income received to purchase goods and services that satisfy economic wants |
| personal income tax | A tax levied on the income of individual, household and unincorporated firm |
| personal saving | disposable income not spent for consumer goods |
| monopoly | a market in which the number of seller is able to influence the total supply and the price of the good or service |
| pure monopoly | 1 firm sell a unique product which entry is blocked and they have considerable control over product price, and which non price competition may or may not be found |
| marginal tax rate | tax rate paid on each additional dollar of income |
| multiplier | the ratio of a change in the equilibrium GDP to the change in investment or in any other component of aggregate expenditure or aggregate demand |
| multiplier effect | the effect on equilibrium GDP of a change in aggregate expenditure or aggregate demand |
| oligopoly | a market structure in which a few firms sells either a standardize or differentiated product into whichentry is difficult, in which the firm has a limited control over the product price because of mutual interdependence |
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rickeyzworld
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