Ch 1
Ch 4
Ch 6
CH 9
Ch 16
100
basic requirement for survival, including food, clothing and shelter
What is need
100
combination of desire, ability, and willingness to buy a product
What is demand
100
monetary value of a product as established by supply and demand
What is price
100
relatively high tax designed to raise revenue ad discourage consumption of a socially undesirable product
What is sin tax
100
the goods and services that a nation sells to other nations
What is exports
200
something we would like to have but not necessary for survival
What is want
200
economic system in which people and forms make all economic decisions
What is market economy
200
system of allocating goods and services without prices
What is rationing
200
final burden of a tax
What is incidence of a tax
200
the goods and services that a nation buys form a nation
What is inports
300
fundamental economic problem of meeting peoples virtually unlimited wants with scarce resources
What is scarcity
300
a table that shows how much of a product consumers will buy at all possible preices
What is demand schedual
300
permit allowing holder to revive a given amount of a rationed product
What is ration coupon
300
exception or oversight in the tax law allowing a taxpayer to avoid paying certain taxes
What is tax loophole
300
country's ability to produce more of a given product than another county can produce
What is absolute advantage
400
social science dealing with how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources
What is economics
400
movement along the demand curve showing that the amount someone is willing to purchase changes when the price changes
What is change in quantity demanded
400
partial refund of a products original price
What is rebate
400
federal tax levied on the wages, salaries, and other income of individuals
What is individual income tax
400
tax places on an imported product
What is tariff
500
natural resources or "gifts of nature" not created by human effort
What is land
500
that part of a change in quantity demanded due to a change in the buyers real income when price changes
What is substitution effect
500
situation where quantity supplied is less then quantity demanded at a given price
What is shortage
500
general state or city tax levied on a product at the time of sale
What is sales tax
500
limit on the amount of a good that is allowed into a country
What is quota
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