Show:
Supply
Demand
Labor
Taxes
Potpourri
100
Government payment to individual businesses to encourage or protect economic activity
What is a SUBSIDY
100
Items that people typically use together
What is COMPLEMENTARY GOODS
100
# of unemployed / civilian labor force
What is the FORMULA TO CALCULATE THE UNEMPLOYMENT PATE
100
Excess in expenditures over Revenue
What is BUDGET DEFICIT
100
Deals with the behavior and decision making by small units
What is MICROECONOMICS
200
The additional cost of increasing one unit of production
What is a MARGINAL COST
200
Something used in place of a particular product
What is a SUBSTITUTE GOOD
200
The cost of maintaining a certain standard of living
What is the COST OF LIVING
200
Funds transferred from one level of government to another
What is INTERGOVERNMENTAL EXPENDITURES
200
There is always this when something is produced
What is an OPPORTUNITY COST
300
Less than proportional when a change in quantity supplied occurs due to a change in price
What is INELASTIC SUPPLY
300
Downward sloping and shows the quantity demanded at each and every price in the market
What is a DEMAND CURVE
300
Sum of peoples' skills, abilities, health, and motivation
What is HUMAN CAPITAL
300
This tax produces the largest income for the federal government
What is INCOME TAX
300
Current minimum wage in our community
What is $7.25
400
Show various quantities offered at each and every price in the market (upward sloping)
What is a SUPPLY CURVE
400
Demand lessens as price increases
What is the LAW OF DEMAND
400
Allows workers to receive higher wages then others for similar tasks
What is SENIORITY
400
A tax on a specific good or service
What is EXCISE TAX
400
Current deficit for the U.S. federal government
What is approximately $14 trillion
500
Proportional when a change in quantity supplied occurs due to a change in price
What is UNIT ELASTIC SUPPLY
500
When a given change in price, causes a relatively larger change in the quantity demanded
What is ELASTIC DEMAND
500
Leaves neither a surplus or shortage in the labor market
What is EQUILIBRIUM WAGE RATE
500
Imposes a higher percentage of taxation on low incomes than on higher incomes
What is a REGRESSIVE TAX
500
Considered to be the most serious type of unemployment because the economy demands less workers for their skills
What is STRUCTURAL UNEMPLOYMENT