Vocab
Vocab
Vocab
Vocab
All Is Vocab
100
Scarcity: A lack of a product. Surplus: An amount of something left over. Shortage: A state or situation in which something needed cannot be obtained in large quantities.
Define Scarcity, Surplus, and Shortage.
100
Equilibrium: A state in which apposing forces or influences are balanced.
Define Equilibrium
100
Fixed number or amount of something, things, people.
What is a Quota?
100
Everyone is taxed the exact same amount, no matter how much money you receive.
What is a Flat Tax
100
Goods that are used in producing other goods, rather than being bought by a consumer.
What is a Capital good?
200
Command: A central authorities makes all decisions. Market: People make the decisions for their own interests.
Define Command Economy and Market Economy
200
Proportional: Everyone is taxed the same amount. Vat: is a consumption tax added to a products sales price.
Define Proportional Tax and Vat Tax
200
A tax on imported or exported goods.
What is a Tariff?
200
Factor Market: Where the factors of production are bought and sold. Product Market: Where producers sell their goods and services.
Define Factor Market and Product Market.
200
The total Value of goods produced and services provided in a country during one year.
What is a Gross Domestic Product.
300
Free Enterprise: Resources are privately owned, and competition is allowed to flourish with minimum government restrictions. Consumer Sovereignty: Recognizes the role of the consumer as a Sovereign, or a ruler of the marker.
Define Free Enterprise and Consumer Sovereignty.
300
An increase in price is an increase in quantity supplied.
What is the Law of Supply?
300
Percentage applied to your income.
Define Marginal Tax Rate
300
A mixed economic and political system in which the government owns and controls some, but not all of the basic productive resources.
What is Socialism
300
Incident: Where the final burden lies. Absolute: More of something someone else can provide. Accelerated D: Something looses its value at a faster rate.
What is the incident of Tax, Absolute advantage, and Accelerated Depreciation.
400
The Benefit Principal: People are willing to pay for benefits
Define The Benefit Principal
400
Price goes up demand goes down, Price goes down, demand goes up.
What is the Law of Demand?
400
The loss of potential gain from an alternative.
What is Opportunity Cost?
400
A political and economic system where all property is collectively owned.
What is Communism?
400
Corporal Income: The tax a corporation pays. Comparative Ad: Doing something more efficiently than someone else.
What is Corporal Income Tax, and Comparative Advantage?
500
Sin Tax: A tax on items considered undesirable or harmful, like Alcohol, Cigarettes.
Define Sin Tax
500
A tariff that raised tariffs on imported goods.
What is the Smoot Hawley Tariff Act
500
It allows each person to have only a fixed amount of something. It's disadvantages are, there's never enough, someone who doesn't need it might be getting more, how does anyone decide whats best for someone else?
What is Rationing, and what are its disadvantages?
500
Price Floor: Lowest price you can pay for something. Price Ceiling: Highest price you can pay for something.
Define Price Floors and Price Ceilings.
500
Protectionists: Someone who wants to stop free trade, to protect our money and infant industries. Free Traders: Love free trade.
Define Protectionists and Free Traders.
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