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100
added good or profit from one additional unit
What is marginal benefit?
100
economic system characterized by a central authority that makes most of the major economic decisions
What is command economy?
100
sales tax is this type of tax
What is regressive?
100
These are the 3 basic economic questions
What to produce? How to produce? For Whom to produce?
100
a business organization owned and run by one person
What is sole proprietorship?
200
this results when supply is greater than demand
What is surplus
200
income tax is this type of tax
What is progressive?
200
the government would enact this type of policy to decrease unemployment
What is expansionary?
200
business organization that can raise capital through stock
What is corporation?
200
market structure with many sellers and identical products
What is perfect competition?
300
the cumulation of government spending deficits plus interest
What is the national debt?
300
the Fed would enact this type of policy to increase GDP
What is expansionary?
300
this occurs when marginal benefits exceed marginal costs
What is rational decision-making?
300
unemployed due to changes in business cycle
What is cyclical
300
type of unemployment when temporarily in-between jobs for one reason or another
What is frictional?
400
measures the price level of a basket of goods typically used by consumers, can be used to measure inflation
What is Consumer Price Index (CPI)?
400
Interdependent behavior and significant price control are characteristics of firms in this market structure
What is oligopololistic?
400
only this causes a change in quantity demanded or quantity supplied
What is price of market good?
400
these are benefits of a mutual fund
What diversified investments, reasonable return, less risky than a stock
400
in this market structure sellers have the least control over price
What is perfect competition?
500
this is put in place to keep the price of a good higher than equilibrium. ex. minimum wage
What is price floor?
500
things that cause shifts in the supply curve
Number of sellers, state of technology, input costs, government regulation, expectations, productivity
500
market structure that has all the conditions of perfect competition except for identical products, advertising
What is monopolistic competition?
500
things that cause a shift in the demand curve
Consumer tastes and preferences, buyers income, # of buyers, price of substitutes and complements, future expectations
500
trade barrier type:limit on the amount of a good that can be allowed into a country
What is a quota?