Types of Economies
Seven Goals of Economies
Vocabulary
Types of Unemployment
Types of Taxes
100
The government makes most the decisions in this economy
What is Command Economy
100
Use scarce resources well and is not wasteful
What is economic efficiency
100
Demand is high and supply is short
What is Inflation
100
Change of structure in the work place changes the need for workers
What is Structural Unemployment
100
People pay a higher portion of taxes when they make less money
What is Regressive Tax
200
Has a lack of government interference, and also it is able to change gradually
What is Market
200
To provide as many jobs as possible
What is full employment
200
The total value of all goods and services produced in one period of time
What is GDP (gross domestic product)
200
Workers who are in-between jobs
What is Frictional Unemployment
200
The more money you make, the more you are taxed.
What is Progressive Tax
300
Consumers decide with a little government interference
What is mixed market
300
Consumers and producers are able to make their own decisions
What is economic freedom
300
Shows monthly changes in the prices of goods and services
What is Consumer Price Index
300
Carpenters have less work in the winter. This is an example of
What is Seasonal Unemployment
300
This is an example of a regressive tax
What is Sales Tax
400
Government decides how goods will be produced.
What is Command
400
Prices don't go up or down too much -Inflation -Deflation
What is price stability
400
Producers charge less and make less profit
What is Deflation
400
Unemployment directly related to swings in the business cycle
What is Cyclical Unemployment
400
Everyone pays the same amount of taxes
What is Proportional Taxes
500
Protection from layoffs and illnesses
What is economic security
500
The number of people not working
What is Unemployment
500
When a recession is going on, you have more people unemployed than you do in peak times.
What is Cyclical Unemployment
500
These types of taxes hurt people with a lower income more than people with higher incomes
What is Sales Tax
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