Show:
Economic and social goals
taxes
goods and seriveces
Consumers
Basics
100
One of 7 social and economic goals- ability to chose where buy and sell.
What is freedom.
100
Belief that you should pay tax if you use the resource.
What is benfit received princple
100
Includes only final goods and serivces produced in a nation
What is Gross Domestic Product
100
Consumers willigness to replace a costly item with a less costly item
What is substitiution effect
100
Market structure with many firms selling, identical product no barriers to entry
What is pure compitition
200
One of 7 social and economic goals- illustrated by lower unemployment rates.
What is Full employment
200
Belief that you should pay the tax if you can afford it
What is ability to pay principle
200
The idea that the more you purchase a product the less you want it (Big Gulp)
What is Diminishing marginal utility
200
Consumers need for a profuct is not urgent
What is elastic
200
Market structure with few firms selling, some product diffraincies
What is Oligolopoly
300
One of the 7 of the social and economic goals illustrated by level CPI.
What is stabillity
300
A type of tax that places a larger burden oon lower income indivaduals
What is regissive tax
300
Reduces goverment spending--- may increase taxes or intrests rates
What is Contractionary fiscal policy
300
consumers need for a product---price not determint
What is inelastic
300
Market struture with one frim no competititon
What is Monopoly
400
One of the 7 social and economic goals illustarted by maximizing resources.
What is effincey
400
A type of tax thaht increases as a person makes more money
What is progressive tax
400
increases govermet spending--- may lower taxes or interest rates
What is Expansionary Fiscal Policy
400
When one owns or controls a manufacturing process or method
What is technological monopoly
400
Market structure with many firms , products vary
What is Monolpolistic Competition
500
One of the 7 social and economic goals illustarted by laws to protect citzens.
What is security
500
Policy using tax and spending to manage the economy
What is Fiscal Policy
500
Goods used to produce other goods
What is capital goods
500
Monoploy based on location
What is geographic monoploy
500
Innovator and Risk taker
What is Entrpreneur