Market Structures
a market situation where one company owns all the market share and can control prices and output
monopoly market
a refusal to work until a certain demand is met
strike
simple tax levied on most consumer purchases
sales tax
total amount borrowed from investors to finance deficit spending
national debt
venues where buyers and sellers meet to exchange equity shares of public corporations
stock market
an industry in which many firms offer products or services that are similar (but not perfect) substitutes
monopolistic competition
refusing to buy products
boycott
tax that imposes a higher percentage rate on persons with higher incomes than lower
progressive tax
special accounts used to fund specific types of expenditures
trust funds
a marketplace where investors buy debt securities that are brought to the market by either governmental entities or corporations
bond market
the nature and degree of competition in the market for goods and services
market structure
an association of skilled workers who perform the same kind of work
craft/trade union
tax that imposes a higher rate on persons with lower incomes than higher
regressive tax
part of the economy made up of private individuals and privately owned businesses
private sector
a market in which people trade financial securities and derivatives at low transaction costs
financial market
a market characterized by a small number of firms who realize they are interdependent in their pricing and output policies
oligopoly market
a state law making it illegal to force workers to join a union as a condition of employment
right-to-work law
branch of treasury department in charge of collecting taxes
Internal Revenue Service (IRS)
way in which income is allocated among families, individuals, or other designated groups in the economy
distribution of income
nvolves buying, selling, or trading a raw product, such as oil, gold, or coffee
commodity market
perfect competition
arrangement in which workers are not required to join a union but must pay union dues
agency shop
federal tax used to pay for Social Security and Medicare
FICA
payment for which the government receives neither goods nor services in return
transfer payment
he financial market for financial instruments such as futures contracts or options that are based on the values of their underlying assets
derivative market