Terms
Give a term for the following definition:
"When demand for a natural resource is greater than the available supply"
Scarce resource
Name 4 functions of Government
To establish legal framework
Taxation
The provision of public goods
Transfer payments
социальное обеспечение
social security
A place where buyers and sellers meet
Give a term for the following definition:
"The loss of other alternatives when one alternative is chosen"
Opportunity cost
The tax people pay on their wages and salaries is called
Income tax
пособие по безработице
unemployment benefit
Name 4 market structures
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
Give a term drawing on the definition:
Transfer payment
Countries where taxes are low, where multinational companies often set up their head offices, are called
Tax havens
распределение доходов
income distribution
How to identify a market structure?
1)The number of firms
2)Barriers to entry
3)Control over price charged
Give a term drawing on the following definition:
"regulatory action taken by government that seek to change the decisions made by individuals, groups and organisations about social and economic matters"
Government Intervention
Reducing the amount of tax you pay to a legal minimum is called
Tax avoidance
неограниченный
unfettered
What is SMEs?
Give a term drawing on the following definition:
"All firms making the same product or in the same line of business"
Industry
A tax paid on property, sales transactions, imports, and so on is a/an
Indirect tax
ипотека
mortgage
What is MNC?
Multinational Corporations