Taxes
Yearly tax on wages, salaries, and corporate profits
income tax
primary measurement for inflation
CPI
GDP divided by population
system where prices & production are determined by buyers and sellers
market economy
system where prices & production are determined by the government
command economy
tax on a type of foreign good
tariff
The agency tasked with recording and reporting unemployment
BLS
GDP without adjustments
nominal GDP
what you give up when making an economic choice
opportunity cost
Sector of mining and resource extraction
primary sector
money withheld each paycheck to pay for social security and Medicare
payroll taxes
Collection of goods and services measured monthly
fixed basket
system that adjusts for price variation between countries
PPP
The study of large economic systems
macroeconomics
the study of individual consumer & business behavior
microeconomics
"sin tax" on specific goods to disincentivize consumption
Excise tax
variant of CPI where goods and services are adjusted for seasonal variation
Chained CPI
name for GDP formula
Expenditure Method
the sector characterized by building stuff
manufacturing sector
Laddie that thought individual rational choices benefit the whole of society without government interference
Adam Smith
Cash given directly to consumers by the government
Stimulus
Status of stinky Fortnite boys that live in mom's basement
NEET
GDP that adjusts for inflation within a country
Real GDP
the theory that money if finite and trade exists to enrich the nation
The theory that parts of the economy naturally decline or become obsolete due to invention/innovation