Market Structures
to how different industries are classified and differentiated based on their degree and nature of competition for services and goods
Market Structure
Legal amount of lowest wage to be paid
Minimum Wage
branch of the treasury department in charge of collecting taxes
IRS
part of the economy made up of federal, state, and local governments
Public Sector
any place or system that provides buyers and sellers the means to trade financial instruments, including bonds, equities, various international currencies, and derivatives.
Financial Market
market where a large number of well-informed and independent buyers and sellers exchange identical products
Perfect Competition
a system that keeps wages high for current workers, but as lower wage for newly hired workers
two-tier wage system
percentage of tax on retail goods
Sales Tax
part of the economy made up of private individuals and privately owned businesses
Public Sector
A stock exchange
Stock market
to use advertising, giveaways, or other promotions to convince buyers one product is superior to another
Nonprice Competition
arrangement in which workers are not required to join a union but must pay union dues
Agency Shop
Taxes that a corporation pays on its profits
Corporate Income Taxes
how income is allocated among families, individuals, or other designated groups in the economy
Distribution of Income
a person or organization that takes and uses something belonging to someone else to return it.
Borrower
market structure where a few very large sellers dominate
Oligopoly
workers who operate machines that require a minimum amount of training
Semiskilled Labor
collecting money from individuals by selling bonds
Borrowing
spending more than revenues collected
Deficit Spending
a person or organization that puts money into financial plans, property, etc. to achieve a profit.
Investor
an unintended side effect that either benefits or harms an uninvolved third-party
Externality
the longer an employee works for a business, the higher the pay
Senority
funds collected from one level of government which go to another level
Intergovernmental Revenue
higher-than-normal interest rates caused by heavy government borrowing
Crowding out effect
a system administered by a public organization or other public instrumentality, or a private and regulated association or entity, that provides services to the financial industry for trading, clearing and settlement, matching of financial transactions, and depository functions.
Market Infrastructure