Unit 6 S&D
List 1 determinant of Supply!
Key resource price
Number of producers
Expectations
Technology
Taxes and subsidies
Hansel thinks inequality is a serious issue. He fears that if inequality gets too big that social unrest and riots will begin. What tax does Hansel likely support?
What is Progressive Tax!
A tax on imported goods is known as a _______.
What is a tariff?
GDP adjusted for inflation is known as______.
What is real GDP?
When do I pay taxes on a Roth IRA or 401k?
Before you put the money in!
The study of decision making of the whole economy is known as
Macroeconomics
Gio makes $20,000 and spends all of it; Josia makes $2,000,000 and spends $100,000. Assuming they purchase everything in a state with 6.25% sales tax, how is the sales tax applied as a percentage of income?
Regressive Taxation
The amount of money a company makes after expenses is known as ________.
Profit!
Full employment is defined as _________.
The UE rate between 2-6%.
When do I pay taxes on a Traditional IRA or 401k?
After you take the money out!
Why is there is no such thing as a free lunch in economics?
Every decision has a cost!
"We do not want to punish people for succeeding" is an argument against a ______ tax.
Progressive
When a nation focuses on making what they are good at and trades for they cannot make good this is known as __________.
Specialization!
A person who cannot find work after a lond period of time is not factored into UE % and is known as a(n) _________.
Discouraged Worker
Financial Institutions match what two groups of people?
Borrowers and Lenders!!!
An economic assumption is that society has ________ wants, but ________ resources to acquire these wants.
unlimited, limited
What two sectors regularly receive subsidies?
Agriculture
Energy
Hans Rosling's TEDtalk showed that Free Trade can help solve _______.
Global Poverty!
A recession is defined as ________.
A fall in real GDP!
What are the four reasons why financial institutions exist?
1. Raise Capital
2. Store & Protect Value
3. Insurance against Risk
4. Speculation
List the 5 determinants of Demand
Tastes/Preferences
Number of Consumers
Price of Related Goods
Income
Expectations
Daily Double-
Market-based solutions can solve negative externalities.
FALSE!!!!
Both Bernie Sanders and Donald Trump hold this trade policy!
What is protectionism?
Supply-Side Economics was made famous during which Presidential Administration?
Ronald Reagan aka Reaganomics!!!!
The three defining features of money are _______,______, and __________.
1. Medium of Exchange
2. Store Value
3. Unit of Account