Unit 1+2
What are the 4 factors of production?
Land Labor Capital Entrepreneurship
"large amount of sellers and IDENTICAL product"
Perfect competition
"you can hold onto it and buy later" is what characteristic of money
Deferrable
which amednment gives congress the power to tax?
16th
what is the largest island in the world?
Greenland
What 3 things contribute to the PPC
Efficiency
Cost
Growth
Which market structure is referred to as a "price maker"
Monopoly
This type of bank requires you to notify them before withdrawing from the account
Savings and Loans
What are the 2 requirements for a tax to be constitutional?
common defense and general welfare
What was the first toy to be advertised on TV? (Hint: This toy was also in toy story!)
Mr Potato Head
What type of economy does the INVISIBLE HAND play a role in?
Market
a law firm in NYC would qualify as which type of business organization
Partnership
What 2 types of markets fall under the resalability factor?
Primary and Secondary
Which type of tax in the US is regressive?
What is the most frequently sold item at walmart?
Bananas
"The line on a PPC that shows efficient production" is the definition of what?
Frontier
Limited or Low control of prices is a characteristic of which market structure?
Monopolistic
"Money is locked into a set interest rate" is a disadvantage of which type of account?
Certificate of Deposit
What did the FICA act create a tax for?
Medicare and social security
What does Ph.D stand for?
Doctor of Philosophy
"where quantity demanded and quantity supplied are equal" is the definition of what
Market Equilibrium
"combination of 2 or more corporations that perform the same service"
Horizontal Merger
which bank service allows you to withdraw more than what is available in your account?
Overdraft Privledge
What are the 3 different tax structures?
Proportional
Regressive
Progressive
what is the total number of dots on a pair of dice?
42