EPF1
Fill in the Blank.
_______________ taxes, also known as "Sin Taxes" are a unique form of sales tax imposed on a specific good or activity.
Excise
An expense that changes based upon how much a business produces is called what?
Marginal Cost
Cuba and Korea are examples of which economies
Command
A group of people who come together around common economic, social, and cultural needs and formulate a jointly-owned and democratically controlled enterprise. In other words, cooperatives are created by people who have a specific need and who are willing to work together to operate and organize a company that will meet that need is called what?
Nonprofit Organization
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The ______________ Act prohibits merges or acquisitions that are likely to lesson competition.
Clayton Act
Someone who buys a good or services is called what?
Consumer
The combination of all mixed and variable costs is called what?
Total Cost
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___________ ________ is the desire for financial gain as an incentive in economic activity.
Profit Motive
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__________________ taxes in America are collected by local government s and are usually based on the value of property. The money collected is generally used to support community safety, schools, infrastructure and other public projects.
Property
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____________ ____________ safeguards purchases against defective products and deceptive, fraudulent business practices.
Consumer Protection
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When you make a decision between two choices, the value of the option you did not pick is called
______________ ___________.
Opportunity Cost
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Flat currency /Flat money is a government-issued currency that is not backed by a physical commodity, such as _________ and ________, but rather by the government that issued it.
Gold and Silver
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_________________ a long term increase in the general level of prices.
Inflation
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The _______________________ rate is the percentage of people in the civilian labor force who are not working but are looking for jobs.
Unemployment
Granting the holder permission to do something called what?
Licensing
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A mixed economy is a combination of __________ and
______________ economies.
Command and Market
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_____________ ___________: the right of the government to take private property for public use.
Eminent Domain
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A _____________ is a situation in which the supply of the good or service available is less than the demand for it (Hint: Demand>Supply)
Shortage
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The ____________ ____________ tax is the charge on the profit from when an investment is sold.
Capital Gain
Grants monopoly protection for "original works of authorship" what?
Copyright Laws
What are the four market structures?
Traditional
Command
Mixed
Market
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___________ ________ are regulations that encourage competition by limiting the market power of any particular firm.
Anti Trust Laws
What are the four rights of a property owner is entitled to: (name them all)
Possession
Control
Exclusion
Enjoyment
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The _______________ ____________ refers to the ups and downs in an economy.
Business Cycle
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____________________ often called the Fed is the central bank of the United States and arguably the most powerful financial institution in the world. It has _______ locations across the country. The Fed controls money through the power of________ __________ ________.
The Federal Reserves
12
Interest Rate Laws