Scarcity
The fundamental problem of scarcity
limited resources
This changes quantity demand
price
A tax levied on nearly all consumer products
Sales tax
A business run out of the garage by an individual is described as-
sole proprietorship
The consequence of economic choices with limited resources
everything has a cost
A table that shows quantity demanded at different prices levels
Demand schedule
This describes an oversight in tax law to avoid paying some taxes
tax loophole
A successful business model that allows an investor to open or lease its name
Franchise
This determines how much to produce
consumers
Demand is measured by ______, ________, and ______, to buy the product.
desire, willingness, desire
A high tax on undesirable products such tobacco
Sin Tax
Two companies merge and produce the same product
Horizontal merger
four factors of production
land, labor, capital, entrepreneur
People buy less at high prices and more at low prices. This is is called-
Law of Demand
This defines who will bear the final burden of the tax
Incidence of a tax
This business association protects the consumer by providing business information
BBB (Better Business Bureau)
A factor of production that takes a risk
Entrepreneur
Quantity demanded and price have an _______
relationship
inverse
A federal revenue that is deducted from paycheck to pay Social Security and Medicare
FICA (Federal Insurance Contributions Act)
This defines a labor union negotiating for workers about work issues such a pay, hours, and insurance.
collective bargaining