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Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
100
Costs that change when the production level changes
What are Variable Costs?
100
The price where quantity supplied is equal to quantity demanded.
What is the Equilibrium Price?
100
A company makes a product distinct or different from competitors.
What is Product differentiation?
100
The lowest wage permitted by law or by a special agreement
What is Minimum Wage?
100
Type of tax allows everyone to pay the same percentage rate regardless of income
What is Proportional Tax?
200
A change in price causes a proportionally smaller change in quantity supplied
What is Inelastic?
200
When there is a -----, consumers need to pay more for goods, pushing prices higher. (Demand is higher than number of products offered)
What is a Shortage?
200
The condition that causes a competitive market to fail.
What is Market Failure?
200
An organized association of workers formed to protect and further their rights and interest
What is a labor union?
200
Type of tax imposes a higher percentage rate of taxation on higher incomes than on lower ones?
What is Progressive Tax?
300
The principle that more will be offered for sale at a higher price than at lower prices.
What is the Law of Supply?
300
When there is a -----, producers sell products for less. (Demand is less than number of products offered)
What is a Surplus?
300
An economic side effect that affects an uninvolved third party.
What is an Externality?
300
When minimum wage increases what happens to the numbers of workers?
What is a decrease in the number of workers?
300
What type of tax allows the percentage of income paid in tax goes down as income rises?
What is a Regressive Tax?
400
The production level where total cost equals total revenue
What is the Break-Even Point?
400
Identify one pitfall of rationing.
What is/are: Administrative costs, Disincentive to work, and that an Organization of individuals decide how scarce goods are divided
400
Name the four market structures.
What are Perfect competition, Monopoly, Oligopoly, and Monopolistic competition?
400
Name one thing that a union protects workers from.
What is Protect workers from unfair treatment and horrible working conditions.
400
What is the main source of revenue for the federal government?
What are Individual Income Taxes?