This is a tax on goods that are imported into the country.
What is a tariff
100
The generally accepted belief that there are not enough resources to satisfy demand.
What is scarcity?
100
a tax that is usually progressive that is put on the income of individuals and households.
What is income tax?
100
tax on imported goods that raises the price enough to protect American manufacturers.
What is a protective tariff?
100
The amount by which the quantity supplied is greater than the quantity demanded at a given price in the market.
What is a surplus?
200
When the value of a countries imports exceed the value of its exports.
What is a trade deficit?
200
Price cutting by a firm to put competitors out of business.
What is Predatory Pricing?
200
The total assets minus the total liabilities of a firm or an individual equal this.
What is net-worth?
200
The part of the economy that is not part of the government.
What is the Private Sector?
200
Money given by the government to help certain businesses or industries. An example would be farm subsidies(paying farmers not to grow crops to help to control the price).
What is a subsidy?
300
Price cutting by a firm to try to drive competitors out of business
Predatory Pricing
300
A policy first suggested by classical economists, that suggests minimal involvement by the government in the economy.
What is Lassiez-faire?
300
The market value of a good or service stated in a monetary unit.
What is price?
300
The total debt owed by all levels of government, excluding securities held by the Federal Reserve System.
What is Public Debt?
300
is a closed form of business designed to control output and increase profits and ultimately control the majority of a certain market or product.
What is a trust?
400
When the government forbids trading with another country.
What is an embargos?
400
a theory that emphasizes a series of policies designed to increase the productive capacity of the economy rather than aggregate demand.
What is Supply side economics.
400
this is when investors invested in something risky with the hopes of making a quick profit.
What is speculation?
400
The simplest form of business organization, where the firm is owned by a single person.
What is a proprietorship?
400
An economic system in which most of the means of production are owned and controlled by the government.
What is socialism?
500
this Act made it illegal to restrain trade, form a monopoly, or attempt to form a monopoly.
What is the Sherman Anti- Trust Act
500
Based on the theories of Maynard James Keynes it is the belief that a mature capitalist economy may have a hard time getting all it can out of its resources without intervention by the government in fiscal and monetary intervention to alter demand.
What is Keynesian Economics?
500
the downward or contraction phase of the business cycle when output is declining and unemployment is increasing.
What is a recession?
500
a business that gives an essential service to the public, that tends to be a natural monopoly and that Government grants a franchise to carry out the service.
What is public utilities?
500
A modified version of Capitalism involving numerous government run programs that are supposed to provide a minimum standard of living for all.