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JA Chp. 9-12

QuestionAnswer
Ability-to-pay principle A principle stating that government should tax people in proportion to their ability to pay the tax.
Average fixed costs Total fixed costs divided by quantity produced.
Average total costs The sum of average fixed and average variable costs.
Average variable costs Total variable costs divided by quantity produced.
Benefits-received principle A principle stating that government should tax people in proportion to the benefits they receive from a government good or service.
Break-even point The point of production at which income from sales equals total fixed and total variable costs.
Collective bargaining A process by which union and company representatives meet to negotiate a new labor contract.
Collusion An agreement in which companies restrict production to raise prices and profits.
Concentration ratio The percentage of an industry’s sales accounted for by its four largest firms.
Conglomerate merger The combination of two or more unrelated companies under a single management.
Derived demand Demand for a resource, such as labor, based on the demand for the goods and services that the resource produces.
Economies of scale Reductions in cost resulting from large-scale production.
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.
FICA An acronym that stands for Federal Insurance Contributions Act, which directs the taxes people pay for Social Security and Medicare.
Fiscal year A 12-month period that can begin on any date. The U.S. federal government’s starts October 1 and ends September 30 of the following year.
Fixed costs Costs that remain the same regardless of the amount of product a firm produces.
GDP deflator A price index that reduces the current gross domestic product prices into prices of a base year.
Grievance A formal complaint made by a union when it feels one or a class of its members have been treated inappropriately under the terms of a contract.
Gross Domestic Product (GDP) The final value of all goods and services produced within a country in a year.
Horizontal merger The combination of two or more companies engaged in the same business.
Injunction A court order to keep a union from striking and picketing.
Job discrimination The practice of favoring one person over another for reasons that have nothing to do with ability to perform a job.
Joint venture Two companies that keep their independence while cooperating on a particular project.
Labor force All the people not in institutions who are 16 years of age or older and who are currently employed or who are unemployed and looking for work.
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.
Labor union An association of workers that seeks to improve its members wages, working conditions, and benefits.
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.
Lockout The closing down of a business to pressure a union into accepting employment conditions.
Marginal analysis Decision making that involves comparing marginal benefits and marginal costs.
Marginal revenue The additional revenue generated from the sale of an additional quantity of the product.
Market structure A set of conditions that describes characteristics of a market in which a business firm competes. The characteristics are the number of firms, differentiation of products, control over prices, and barriers to entering the marketing.
Marketing In economics, everything that takes place in a company between product production and purchase.
Merger The purchase of one business by another business. The term buyout is sometimes used instead.
Monopolistic competition A market structure with many firms that offer similar but not identical products.
National debt The cumulative sum of all federal government borrowing used to finance annual deficits.
Nominal GDP Gross domestic product reported in current prices.
Oligopoly A market structure in which a few large firms supply most or all products in a market.
Perfect competition A market structure in which a large number of firms all produce the same product at the same price.
Picketing The act of employees carrying signs that call attention to a labor strike with the goal of arousing public sympathy.
Predatory pricing Selling a product below its cost with the goal to drive competitors out of business.
Price-fixing An action in which all businesses in a market agree to charge the same or similar prices.
Productivity The output of goods and services measured per unit of input by labor, capital, or land.
Profit maximization The objective of the firm; it occurs when the firm produces the quantity for which MR = MC.
Progressive tax A tax that takes a higher proportion of income from higher income earners than from lower income earners.
Proportional tax A tax for which the percentage of income paid in taxes is the same for all income levels.
Public good Something that, once provided, is available to anyone without additional cost.
Public sector The part of the economy that involves the transactions of government.
Pure monopoly A market structure with only one seller in the market.
Real GDP Gross domestic product adjusted for inflation.
Real per capita GDP Real gross domestic product divided by a country’s population.
Regressive tax A tax for which the percentage of income paid in taxes decreases as income increases.
Seniority A worker’s length of service with an employer.
Strike A withholding of labor services by a union.
Total costs The sum of total fixed costs and total variable costs.
Total revenue A calculation of revenue that is determined by price times the quantity of units sold.
Union shop A factory, business, or agency operating under a contract in which non-union members can be hired but only on the condition that they join the union after they are hired.
Variable costs Costs that change with the changing amounts of production.
Vertical merger The combination of two or more companies involved in different steps of a production process.
Created by: pinetreeacademy
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