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Ch.1
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Ch.16
100
if a need is something that is required to live such as food cloths and water than a want is?
Is some thing we would like to have but is not necessary.
100
shows how one variable reacts to a change in another.
elasticity
100
Marked value of a product established by the supply and demand.
Price
100
a relatively high tax designed to raise revenue and reduce consumption
Sin tax
100
limit of a certain product allowed in one country
Quota
200
the tools used to produce goods and services are?
Capital Goods
200
A change in price results in a larger change in quantity demanded this is called.
elastic
200
A system were the government decides everyone's fair share of goods and services.
Rationing
200
exceptions or oversights in the tax law are?
tax loopholes
200
a tax placed on imported products
Tariff
300
The dollar value of all goods and services produced in one country with in a year is?
(GDP) Gross Domestic Product
300
change in price causes a smaller change in quantity demanded this is called?
inelastic
300
Permit allowing someone to get a given amount of a rationed product.
rationing coupon
300
general tax levied on a product at the time of sale
Sales tax
300
when one country produces more of a product than another
absolute Advantage
400
resources that make up the 4 categories of land, capital, labor and entrepreneurs are called what?
factors of production
400
A _________ shows the quantites demanded at all possible prices.
Demand Curve
400
the price where quantity supplied meets quantity demanded
Equilibrium price
400
Annual report to the IRS summing up total income, deductions and tax withheld.
Tax Returns
400
goods and services that one nation country buys from other countries.
Imports
500
not having enough resources to make everything people would like is called?
scarcity
500
_______ is the rule that states that consumers will buy more at a low price and less at a high price.
Law of demand
500
number of things supplied is less than the demand or the product being sold is called.
Shortage
500
federal health care program for senior citizens
Medicare
500
goods and services that nations sell to other nations
exports