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Hodgepodge
100
the assumption that nothing but the price of a good will change
What is Ceteris Paribus?
100
the total value of all final goods and services produced in a particular economy
What is Gross Domestic Product?
100
most desirable alternative given up when people choose one course of action over another
What is Opportunity Cost?
100
the annual rate of return on a bond if the bond were held to maturity
What is Yield?
100
demand that is very sensitive to a change in price
What is Elastic?
200
the removal of some government controls over a market
What is deregulation?
200
the tendency of suppliers to offer more of a good at a higher price
What is the Law of Supply?
200
rate of interest banks charge on short-term loans to their best customers
What is Prime Rate?
200
an official who determines the value of a property
What is a Tax Assessor?
200
the cost of producing one more unit of a good
What is Marginal Cost?
300
a payment to the government on the production or sale of a good
What is Excise Tax?
300
a business in which the owners share equally in both responsibility and liability
What is General Partnership?
300
the fraction of deposits that banks must keep on hand
What is Required Reserve Ratio?
300
the expenses a firm must pay before it can begin to produce and sell goods
What is Start-Up Costs?
300
to sell a state-run firm to individuals
What is to Privatize?
400
objects that have value in themselves and that are also used as money
What is Commodity Money?
400
the income people receive for supplying such things as land, labor and capital
What is Factor Payments?
400
an income level below that which is needed to suport families or households
What is Poverty Threshold?
400
taking tax payments out of an employee's pay before he or she receives it
What is Withholding?
400
the idea that too much money in the economy causes inflation
What is the Quantity Theory?
500
Claims of ownership in a corporation
What is Equities?
500
a good for which the demand falls when income rises
What is an Inferior Good?
500
a tax for which the percentage of income paid in taxes remains the same for all income levels
What is Proportional Tax?
500
a good consumed instead of one who price has risen
What is a Substitute?
500
the amount of money a company receives by selling goods or services
What is Total Revenue?
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