Chapter 1
Chapter 4
Chapter 6
Chapter 9
Chapter 16
100
A fundamental economic problem of meeting people's virtually unlimited wants with scarce resources.
Scarcity
100
Combination of desire, ability, and willingness to buy a product
Demand
100
system of allocating goods and services without prices
Rationing
100
Relatively high tax designed to raise revenue and discourage consumption of a socially undesirable product.
Sin Tax
100
The goods and services that a nation sells to other nations
Exports
200
Basic Requirement for survival including food, clothing, and shelter.
Need
200
The part of a change in quantity demanded due to a price change that makes other products more or less costly.
Substitution effect
200
Permit allowing holder to receive a given amount of a rationed product
Ration Coupon
200
What is the final burden of a tax
Incidence of a tax
200
The goods and services that a nation buys from other nations
Imports
300
Something we would like to have but is not necessary for survival.
Want
300
Part of economics that studies small units, such as individuals and firms.
Microeconomics
300
A simplified version of a complex behavior expressed in the form of an equation, graph, or illustration.
Economic Model
300
Federal tax levied on the wages, salaries, and other income of individuals
Individual income tax
300
Country's ability to produce more of a given product than another country can produce
Absolute advantage
400
Social science dealing with how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources.
Economics
400
Movement along the demand curve showing that the amount someone is willing to purchase changes when the price changes.
Change in quantity demanded
400
Price where quantity supplied equals quantity demanded.
Equilibrium Price
400
General state or city tax levied on a product at the time of sale
Sales Tax
400
Diagram showing the maximum combinations of goods and/ or services an economy can produce when all resources are fully employed
Production possibilities curve
500
Tools, equipment, and factories used in the production of goods and services.
Capital or Capital Goods
500
Shift of the demand curve when people buy different amounts at every price
Change in Demand
500
Situation where quantity supplied is less than quantity demanded at a given price.
Shortage
500
Tax in which the percentage of income paid in tax is the same regardless of the level of income
Proportional Tax
500
You can either spend your time trying to figure out time travel or you could go to school and graduate
Opportunity Cost
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