Chapter 1
Chapter 4
Chapter 6
Chapter 9
Chapter 16
100
When there is not enough of a good or service to go around...
scarcity
100
What is the combination of desire, ability, and willingness?
demand
100
What is the monetary value of a product?
price
100
The place where the final burden of a tax lies is known as the
incidence of tax
100
What is the term used to describe an entity that can produce more of a product than another?
Absolute advantage
200
What is the total satisfaction gained from consuming a good or product?
utility
200
What is the satisfaction gained by acquiring one more of something?
marginal utility
200
What is a system of allocating goods and services without prices?
rationing
200
A tax that takes a higher percent from the wealthy is known as...
progressive tax
200
What is the term for producing a good at a relatively more efficient rate than another entity?
comparative advantage
300
What is the amount of output produced with a given amount of factors?
productivity
300
What are competing products that can be used in place of another?
Substitutes
300
When supply exceeds demand you have...
surplus
300
What is a tax placed on the manufacture or sale of specific good?
excise tax
300
What is a tax on an import?
tarrif
400
What are the tools, equipment, and factories used in production?
capital
400
What are products that increase the use of other products?
Complements
400
When demand exceeds supply you have...
shortage
400
What is the tax on a person's belongings after they die?
estate tax
400
What is a limit on the amount of a substance that can be imported?
quota
500
What is the cost of the next best alternative use of time, money, or resources?
Opportunity cost
500
What term refers to the responsiveness of a product to changes in price?
Elasticity
500
What is a maximum legal limit on a price?
price ceiling
500
What is a tax placed on revenue earned by a company?
corporate income tax
500
What is the belief that there should be many restrictions on international trade to protect domestic businesses and jobs?
protectionism
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