Taxes
This tax increases as income decreases.
What is a regressive tax?
The central banking system of the United States?
What is the Federal Bank (aka the Fed)
The loss of something in exchange for something else
What is a tradeoff?
A type of business owned and ran by one person.
What is a sole-proprietorship?
Any good or service that is sold out the country
What is an export?
Any action made by the government to manipulate the economy
What is fiscal policy?
Banks or financial institutions primarily serving and receiving money from private, typically high net-worth clients
What are private banks?
the ability of an individual or group to produce more efficiently than another individual or group
What is absolute advantage?
What is a partnership?
Any good or service that is brought into the country
What is an import?
Also known as a flat tax, this tax does not change with respect to changes in income.
What is a proportionate tax?
A general increase in prices and fall in the purchasing value of money.
What is inflation?
The ability of an individual or group to produce more efficiently than another activity
What is comparative advantage?
a form of business that is separate and distinct from its owners
What is a corporation?
the amount by which the cost of a country's imports exceed the value of its exports
What is a trade shortage?
This government agency is responsible for collecting taxes
What is the IRS?
Any action made by the Fed to manipulate the economy
What is monetary policy?
The value of one’s next best alternative given up when a choice is made
What is opportunity cost?
the state of being responsible for something, especially by law
What is a liability?
A tax placed on all goods and services brought into a country
What is a tariff?
A tax paid to a governing body for the sale of certain goods and services
What is a sales tax?
These are the tools of monetary policy.
What are interest rates and Open Market Operations (OMOs)?
A graph that shows all the different combinations of output of two goods that can be produced using available resources and technology
What is a productions possibilities frontier (PPF) curve?
a government document that gives permission to create a corporation
What is a charter?
A complete ban on all imported goods from a specific country.
An embargo