Lucky
Duck
Dog
777
Bird
100
Price ceiling
What is the highest possible price to be charged on a good
100
Price floor
What is lowest possible price that can be charged on a good
100
Equilibrium price
Where supply and demand meet on a graph
100
Supply
What is the amount of goods available?
100
Demand
What is the desire and willingness to purchase
200
Production possibility frontier
It's used to show trade offs and opportunity cost
200
Productivity
What is the ability for businesses or individuals to turn inputs into outputs
200
Specialization
What is a devotion of resources to a specific task
200
Division of labor
What is the splitting of work into smaller manageable tasks
300
Partnership
What is a business owned by two or more people
300
Marginal cost
What is the extra cost of adding one unit
300
Fiscal policy
When a government adjust its spending levels and tax rates to monitor and influence a nation's economy
300
Marginal benefit
Extra benefit of adding one additional unit
400
Progressive tax
What is a tax that the rate increases as the taxable amount increases
400
Economic growth
When the economy increase and gains power
400
Rational decision
When marginal benefit equals or exceed marginal cost
400
Proportional
What is a tax imposed so that the tax rate is fixed with no change as the taxable base amount increases or decreases
500
Sole proprietorship
What is a business own by a individual
500
Economic decline
The economy loses and the economy goes down
500
Over production
When you produce too many goods
500
Regressive tax
What is a tax that is imposed in a manner that the tax rate decreases as the amount subject decreases
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