Vocab
Supply & Demand
Unemployment
Taxes
Anything goes
100
An inequality that exists between wants and the resources available to satisfy them
What is scarcity
100
As price goes up demand goes down or as price goes down demand goes up
What is Law of Demand
100
Unemployment directly related to swings in the business cycle
What is Cyclical Unemployment
100
States may choose percentage rate of this regressive tax
What is Sales Tax
100
Where the supply and demand curves intersect
What is equilibrium
200
Government Payment to individual businesses to encourage/protect economic activity
What is Subsidy
200
This is upward sloping
What is a supply curve
200
Unemployment that takes place every year, esp. in Indiana
What is Seasonal Unemployment
200
Also known as a "flat tax"
What is a proportional tax
200
This economy is fully guided by the government and has an absence of capitalism
What is command economy
300
Income before taxes are deducted
What is Gross Income
300
The government initiates this which can result in a shortage
What is a Price Ceiling
300
Very serious unemployment bc the economy demands less workers
What is Structural Unemployment
300
This tax produces the largest amount of revenue for the federal government
What is the income tax
300
The name of FDR's plan to pull America out of the Great Depression
What is the New Deal
400
Sum of peoples' skills, abilities, health, and motivation
What is human capital
400
The question that determines supply elasticity
What is can the firm adjust supply quickly to a change in price
400
Short term unemployment among people between or seeking jobs
What is Frictional Unemployment
400
The "ability to pay" principle is an example of this tax
What is a progressive tax
400
America's current debt (within 100 billion)
What is $16.8 Trillion
500
The extra or additional costs or benefits of a decision
What is Opportunity Cost
500
The 3 questions that determine demand elasticity
What is 1. Are there substitutes, 2. Can the purchase be delayed, 3. Does it take a large portion of your income
500
This takes place when corporations adopt automation
What is Technological Unemployment
500
Tax on stock dividens is an example of this tax
What is proportional tax
500
These 2 former presidents and signers of the DOI died on the same date of natural causes- July 4, 1826
Who is Thomas Jefferson and John Adams
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