Market Structures
What is a Monopoly?
When one seller dominates the whole market.
What is a boycott?
A mass refusal to buy products from targeted employers or companies.
What is sin tax?
relatively high tax designed to raise revenue and reduce consumption of socially undesirable products
What is Deficit Spending
spending in excess of revenues collected.
What is the debt-to-GDP ratio?
The proportion of a country's national debt to its gross domestic product.
What is an oligopoly?
When very few large sellers dominate the market.
Why are people opposed to raising the minimum wage?
People believe raising the pay of employees will raise the cost of goods and services.
What is sales tax?
simple tax levied on most consumer purchases
What is National debt?
total amount borrowed from investors to finance deficit spending.
It is bad because it can negatively impact credits scores.
What type of government leads to a command economy?
A communist government.
Why do workers go on strike?
Conditions are not met in the workplace.
What is FICA?
federal tax used to pay for Social Security and Medicare.
What is the Appropriations Bill?
an act of Congress that allows federal agencies to spend money for specific purposes.
How is debt good?
By investings to get a higher education or a house.
A democratic government leads to what type of economy?
a free market economy.
What is unskilled labor?
workers whose jobs do not require special training or skills
What are regressive taxes?
tax rate decreases as the amount subject to taxation increases.
What is social security?
The largest expenditure in the federal government.
How much debt is the USA in?
34 trillion dollars.
When does market failure occur?
Occurs when one of the several conditions necessary for competitive markets doesn’t exist.
What is the wage rate?
standard amount of pay given for work performed
What are progressive taxes?
the tax rate increases as the taxable amount increases.
What is a fiscal year
a 12-month financial planning period that may or may not coincide with the calendar year.
What countries are in the red?
Japan, the United Kingdom, and the Netherlands.