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Foundations of Economics and Equilibrium
Economic Systems
Supply and Demand
Economic Challenges
Taxation, Fiscal, and Monetary Policy
100
All human efforts conducted by people for which they are paid a wage.
What is labor?
100
The issue where people who can't or won't pay for public goods still get to enjoy the benefits of those goods.
What is the Free Rider Problem?
100
It is a graphic representation showing the relationship between price and quantity supplied.
What is a supply curve?
100
The Bureau of Labor Statistics
What is the government organization that calculates unemployment, inflation, and other economic statistics?
100
Taxes placed on an inheritance or a financial gift given within a tax year.
What is an estate or gift tax?
200
People who risk their personal time and money to come up with new and creative business or product ideas.
Who are entrepreneurs?
200
An economic system where work roles are passed down from one generation to the next or are decided according to gender.
What is a traditional economy?
200
The effects of increased laws and regulations on businesses and the relation to the supply curve.
What will cause the supply curve to shift to the left?
200
The condition under which households that can't the minimum amount of income to sustain themselves.
What is poverty?
200
The document that states that tax collection by the government "must be for the common defense and general welfare" of the nation.
What is the U.S. Constitution?
300
A condition where the quantity supplied is greater than the quantity demanded.
What is a surplus?
300
Unintended beneficial results of a particular economic choice.
What is a positive externality?
300
A large % change in price will cause a small % change in quantity supplied/demanded.
What is an inelastic good/service?
300
The term for the % of the population that lives below the poverty line.
What is the poverty rate?
300
A type of tax where the amount paid is a smaller % of total income as income levels increase.
What is a regressive tax?
400
Physical, tangible things that people want or need.
What are goods?
400
Protects private property rights, consumer health and safety, entrepreneurs and businesses, and a safety net for those in need.
What is the role of government in free enterprise?
400
Willingness and ability
What are two conditions that must exist for there to be demand/supply for a product?
400
Earned Income Credits, employment assistance, and housing assistance.
What are ways the government battles or curbs poverty?
400
A tax where the amount paid is the same for all income levels.
What is a proportional tax?
500
When the quantity demanded and the quantity supplied are at the same point in a market.
What is equilibrium?
500
The idea that both households and businesses will make choices that are best for them, thus creating equilibrium in an economy.
What is Adam Smiths Invisible Hand?
500
Income, tastes and preferences, consumer expectations, and prices of related goods.
What are variables that can shift the demand curve?
500
The members of the population who are 16 years or older, able to work, and are either looking for a job or are already employed.
What is the labor force?
500
Social security, medicare, and other Social Services.
What are types of mandatory spending?