Vocab 1
Vocab 2
Labor & economies
Supply & Demand
Taxes & numbers
100
The land, labor, and resources used to produce goods
What is capital
100
The rise in general level of prices
What is inflation
100
Most serious tupe of unemployment because the economy demands less workers
What is structural unemployment
100
Downward sloping and shows quantities desired at a particular price
What is demand curve
100
A sales tax is a type of this type of tax.
What is regressive tax
200
Income before taxes are deducted
What is gross income
200
A payment made for the use of borrowed money
What is interest
200
Short term uneployment that young adults could experience when entering the workforce
What is fricitonal unemployment
200
Cost of inputs will effect __________.
What is supply
200
Current sales tax in Indiana is ___ and the minimum wage rate is ______.
What is 7% and $7.25
300
Government payment to an individual business to encourage/protest economic acitivty
What is a subsidy
300
Certificate of ownership in a corporation.
What is stock
300
North Korea is an example of this type of economy
What is command or communist
300
A large increase/decrease in price will result in a less proportional change in demand
What is inelastic demand
300
Nearly half of the nations budget is spent on ____ _____.
What is public welfare
400
When expenditures outweigh revenue
What is budget deficit
400
The purchase of one item leads to a higher demand in a different good.
What is complementary good.
400
Automation is the main factor in this type of unemployment
What is technological unemployment
400
The ability of producers to slow down or speed up production when there is a change in price
What is supply elasticity
400
This tax is the largest revenue source for the fderal government
What is the income tax
500
The second best choice, given up as a result of a decision
What is opportunity cost
500
Dollar value of all final goods/services produced within a country's borders in a given year
What is Gross Domestic Product (GDP)
500
The three main reasons that make it difficult to transition to a higher labor group
What is initiative, opportunity, cost
500
As price goes down, demand goes up
What is law of demand
500
Imposes a higher tax rate on those who earn more income
What is a progressive tax
M
e
n
u