Market structure
What is perfect competition?
This market structure has many buyers and sellers and identical products.
What is a wage?
Amount of money paid to a worker for labor.
What are taxes?
Source of revenue for most governments.
What is public infrastructure spending?
Government spending on roads, schools, and bridges.
What is a bank?
A financial institution that accepts deposits and makes loans.
What is a monopoly?
Market structure has only one seller.
What is the unemployment rate?
Percentage of the labor force that is unemployed.
What is income tax?
A tax on earnings from work.
What are transfer payments?
Payments made by the government to individuals without receiving goods or services in return.
What are stocks?
Ownership shares in a company are called these.
What is monopolistic competition?
Has many sellers offering slightly different products.
What is the labor force?
People who are able and willing to work make up this group.
What is sales tax?
A tax added to the purchase of goods and services.
What are entitlement programs?
Programs such as Social Security and unemployment benefits fall under this category.
What is a bond?
A loan made to a government or corporation that pays interest.
What is an oligopoly?
Dominated by a few large firms.
What is frictional unemployment?
Unemployment caused by workers changing jobs or entering the workforce.
What is a tariff?
A tax placed on imported goods.
What is a budget deficit?
When government spending exceeds government revenue.
What is interest?
The money earned on savings or borrowed funds.
What is collusion?
Occurs when firms work together to control prices and output.
What is structural unemployment?
Unemployment caused by changes in technology or skills demanded by employers.
What are progressive taxes?
Taxes that take a larger percentage of income as income rises.
What is the national debt?
The total amount of money owed by the government from borrowing.
What is diversification?
Spreading investments across different assets to reduce risk.