Market Structures
What is a Monopoly?
A market with one seller and no competition
What is Frictional Unemployment?
Unemployment from job transitions
What is an Income Tax?
Tax on individual income
What is mandatory spending?
Government spending that is required by law and doesn't require annual approval through appropriations bills.
What is the Stock Market?
Market for stocks and bonds
What is Monopolistic Competition?
Many firms sell similar products
What is the Labor Force?
Total number of people who can work
What is a Property Tax?
Tax on property value
What is discretionary spending?
Money used for non-essential expenses that an individual, household, or business can choose to spend or save
What is an IPO?
The first sale of stock to the public
What is an Oligopoly?
A few firms control the market
What is Wage Differentiation?
Higher wages due to specialized skills
What is a Sales Tax?
Tax on goods and services
What are Transfer Payments?
Payments without goods or services in return
What is the Bond Market?
Market for long-term debt securities
What is Perfect Competition?
Many firms sell identical products
What is the Unemployment Rate?
The percentage of unemployed people
What is a Corporate Income Tax?
Tax on corporate profits
What is Capital Spending?
Spending on infrastructure
What is the Capital Market?
Market for buying and selling financial instruments
What is a Natural Monopoly?
A firm controls the entire supply of a product
What is the Theory of Wage Determination?
Wages determined by labor supply and demand
What is a Tariff?
Taxes on imported goods
What is Mandatory Spending?
Ongoing, required government expenses.
What is a Stock?
A financial instrument representing company ownership