Market structure in which one company controls an entire industry.
What is Monopoly.
100
As the price of the good rises the quantity demanded falls (if p falls Qd rises)
What is Law of demand
100
Limits placed on imported goods
What is Quotas.
100
Monthly expense that changes
What is Variable expense.
200
without any government restrictions
What is Free Trade Trade
200
Business owned by one person, owner gets all the profit but it has unlimited liability, and the business dies with the owner (limited life)
What is Sole proprietorship.
200
As the price of the good rises the quantity supplied rises (if p falls Qs falls
What is Law of supply
200
Tax placed on imported goods
What is Tariffs.
200
Monthly expense (bill) that does not change. Example rent, car payment etc
What is Fixed expense.
300
Used to measure inflation(increase in prices/price level)
What is Consumer Price Index
300
Market structure in which few firms dominate the market Example: Post, General Mills and Kelloggs are the main cereal makers. Market structure in which few firms dominate the market Example: Post, General Mills and Kelloggs are the main cereal makers.
What is Oligopoly.
300
structure in which one company controls an entire industry
What is Monopoly Market
300
Subsidy
What is Government grant (free$) given to domestic companies.
300
The more money you make the more taxes you pay (example income tax)
What is Progressive tax.
400
C+I+G+(X-M) C (consumption) I (Investment-$spent by businesses) G(government spending) X (exports) M(imports if you see the term net exports they have already subtracted X-M
What is GDP Formula
400
Market structure with many firms selling the same product (agricultural products wheat sugar strawberry etc)
What is Perfect Competition.
400
Oligopoly Market
What is structure in which few firms dominate the market
400
Standards
What is Guidelines or rules for imports (example, imported toys in America cannot have led based paint).
400
People who earn less money pay higher taxes than people who make more (sales tax)
What is Regressive tax.
500
Capital Tools
What is machinery used to make goods and services (factory, machines etc.)
500
Business organization that is controlled by share holders, unlimited life, limited liability, disadvantage double taxation
What is Corporation.
500
Perfect Competition
What is Market structure with many firms selling the same product (agricultural products wheat sugar strawberry etc)
500
Embargo
What is Both countries refuse to trade (sanctions) *I don't like you I don't trade with you.
500
Everyone pays the same percent tax regardless of income