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100
not having enough resources to produce all things people would like to have
What is scarcity
100
the desire ability and willingness to buy a product
What is demand
100
monetary value of a product
What is price
100
high tax designed to raise revenue (tax on liquor or tobacco)
What is sin tax
100
when a country can produce more of a product then another country they have
What is absolute advantage
200
study of how people try to satisfy wants though use of scarce resources
What is Economics
200
part of economic theory that deals with behavior and decision making
What is microeconomics
200
ticket or receipt that entitles the holder to obtain a certain amount of a product
What is ration cupon
200
final burden of the tax
What is incidence of a tax
200
the ability of a country to produce a product relatively more efficiently or at lover opportunity cost
What is comparative advantage
300
a basic requirement for survival
What is need
300
extra usefulness or additional satisfaction a person gets from acquiring one more unit of a product
What is marginal utility
300
a partial refund of the original price
What is rebate
300
exceptions in the tax law that allow some people to avoid paying taxes
What is tax loopholes
300
a tax placed on imports
What is tariff
400
something we would like to have
What is want
400
when the extra satisfaction we get from using additional quantities of the product begins to decline we encounter
What is diminishing marginal utlity
400
price which units produced = units sold
What is equilibrium price
400
federal tax on peoples earnings
What is individual income tax
400
a limit placed on quantities that can be imported
What is quota
500
in economics what refers to the gifts of nature
What is land
500
item that can take place of another
What is substitute
500
quantity supplied is greater than quantity demanded
What is surplus
500
a general tax levied on most consumer purchases
What is sales tax
500
different currencies used to facilitate international trade
What is foreign exchange
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