Economists
He was the most well-known founder of Communism?
Karl Marx
If demand goes up, and supply goes down, price will...
Rise
This ensures that businesses, in a capitalist system, are using their resources in the most efficient way. (In this category, I'm looking for the exact Economic term).
Profit motive.
A tax levied on certain goods and services deemed harmful to individuals or society?
Sin Tax
A general term for programs such as Social Security, Medicare, Medicaid, EBT, etc...
Entitlements
This economist came up with the economic idea that the government should intervene when the economy is in a recession.
John Maynard Keynes
What usually happens when the government institutes a price ceiling?
Shortage
The value of the best alternative you give up when you make a choice.
Opportunity Cost
This is a tax placed on the money/assets that change hands when someone dies?
Estate Tax
Whoever bears the burden of a tax?
Incidence of a tax
He wrote "Basic Economics," which we've used a bit in this class?
Thomas Sowell
A table showing how a product's price will affect how much consumers are willing to buy?
Demand Schedule
The economic value of a person's skills, knowledge, experience, creativity, and other attributes.
Human Capital.
A sales tax is an example of... (2 possible answers)
Proportional or regressive
This indicator combines the unemployment rate with the inflation rate?
Misery index
He was the "other" guy that created Communism?
Friedrich Engels
Measures how much the quantity demanded for a product changes in response to a price change?
Elasticity of Demand
This organization seeks stable oil prices.
Organization of the Petroleum Exporting Countries.
If you make $256,000, what percentage are you going to pay in federal income tax in the United States?
32%
A business might create this chart to figure out exactly how many workers they should hire?
Production function
He wrote the influential book "Wealth of Nations."
Adam Smith
A company might create one of these graphs to find out the profit-maximizing quantity of output?
Marginal analysis
Additional revenue generated from selling one more unit?
Marginal Revenue
What is the payroll tax that funds the Social Security and Medicare?
Federal Insurance Contributions Act Tax
This person is the current chair of the Federal Reserve (Fed)
Jerome Powell