Regulating agencies
Regulates the labeling and safety of food, drugs, and cosmetics sold throughout the US.
FDA
Able to pay your bills
Solvent
Everyone pays an equal percent of taxes
Flat Tax
Working more than 30 hours per week or 120 hours per month.
Full Time
Exist when one company controls a product or means of production
Monopoly
The part of the government that interprets and administers the law. How the courts and legal systems affect businesses.
Judicial Branch
Taking advantage of a price difference for profit
Arbitrage
The more you make the more you pay in taxes
Progressive Tax
Money controlled & funded by the employer to be spent on healthcare
HRA
Things that keep a new business from being able to enter the market
Barriers to Entry
Established in 1970 to protect human and environmental health
EPA
Almost all new job creation comes from new firms, while older firms are generally reducing their workforce.
Creative Destruction
Shows the relationship between tax rates and the amount of tax revenue collected by governments.
The Laffer Curve
The amount of money that you pay before the insurance company will start to help
Deductible
When a government restricts imports in order to protect domestic industries
Protectionism
Protects consumers from unfair or deceptive business practices
FTC
The idea that goods should cost the same in every country
Purchasing Power Parity
Has no value other than its usefulness as money
Fiat Money
A retirement investment plan allowing you to buy stocks and bonds each year to save for retirement (Not related to your job)
IRA
When foreign firms dump products at artificially low prices into a market with the intention of hurting domestic business
Dumping
Oversees the safety of products such as toys, electronics, and household furniture
CPSC
The process of engaging in costly, nonproductive actions in search of profits
Rent Seeking
What is the FDIC?
Insures peoples’ bank deposits up to $250,000
Money set aside to fund eligible employees after they retire. They usually have to work a set amount of years before they are eligible.
Pension
the government gives money to encourage a behavior
Subsidies