Ch 1
Ch 4
Ch 6
Ch 9
Ch 16
100
What is a major shortage?
Scarcity
100
WHat is the desire, ability, and wilingness to pay for something
Demand
100
What is a monetary value of something
Price
100
WHat is a high tax that makes people stop doing things?
Sin Tax
100
What is the ability to produce more than someone else ?
Comparative Advantage
200
WHat is a measure of the amount of goods or services produced in an amounnt of reasorces
Producivity
200
Quantity demanded varies inversly with price is what?
Law of Demand
200
What is low supply of something?
Shortage
200
What is the final burdon of tax?
Incedence of Tax
200
WHat is the tax placed on imports?
Tarriffs
300
What is the cost of something vs the cost of something else
opprotunit cost
300
WHat is marginal utitlty
Extra usefulness of something
300
What is an over supply of something?
Surplus
300
What are the exceptions and oversights of tax?
Tax Loophole
300
What happens when the value of a product it imports, excedes the value of it exports?
Tade deficit
400
What are the reasorsec requiered to do something
Factors of production
400
WHat changes the quantity demanded beacuse of a change in price
income effect
400
What is the highest price of something set by the government?
Price Ceiling
400
What is the tax that applies to the next dollar of taxs?
Marginal Tax rate
400
What happens when the value of exports excedes the value of imports?
Trade surplus
500
WHat are the tools used to do something
Capitol good
500
If bob wants a CD player from a name brand company but cant afford it, what might he look to for a cheaper cost.
Substitutes
500
What is the lowest price of something set by the government?
Price Floor
500
What is the principle that those who use the government help have to pay taxes?
The Benifit Principple
500
What does NAFTA stand for
North American Free Trade Agreement
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