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JA Chp. 9-12
| Question | Answer |
|---|---|
| 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. |
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