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GDP
Market characteristics
Taxes
Key terms
Miscellaneous
100
This is the formula for calculating GDP
What is C+I+G+(X-M)
100
This means when a few large companies control the prices.
What is an oligopoly
100
_____________ means the amount of money that appears on your paycheck pre-tax, whereas ____________ is the word used for the amount post-tax.
What is Gross and Net Pay
100
This means the government or a business spends more than it earns
What is a deficit
100
_____________ was the Fed chair up to the Bush administration, then Ben Burnanke stepped in, and now ___________ is the current Fed Chair.
What is Alan Greenspan and Janet Yellen
200
This means the amount per person
What is per capita
200
This is when there is a large amount of independent buyers and sellers that experience ease of entering or exiting the industry
What is pure competition
200
This is the largest source of revenue for the government
What is individual income tax
200
This is broken up into 4 quarters consisting of 3 months each starting Oct. 1 and ending Sept. 30.
What is the fiscal year
200
This measures the costs for the top 300 goods and services purchased in the U.S.
What is Consumer Price Index
300
A company purchasing a new robot for their factory from another U.S. company who specializes in robotics is an example of ____________ in GDP. ____________ does not count as part of this number.
What is investment. What is financial investments such as savings, bonds, stocks.
300
The Sherman Antitrust Act is an example of ________, whereas the Securities & Exchange Commission is an example of ______________.
What are antimonopoly legislation and federal regulatory agency.
300
These are the 3 criterion of taxation
What is equity, simplicity and efficiency
300
_______________ means the lowest point in the business cycle; it was most recently reached in the year ______. Whereas ____________ means the highest point in the business cycle and was most recently reached in the year ________.
What are trough, 2009 and peak, 2007
300
This tax is for employers and employees going toward Social Security and Medicare.
What is Federal Insurance Contributions Act
400
Buying lumber for my home is considered __________ in the GDP formula, however fixing my home is not counted in GDP because ___________.
What is consumer spending and no exchange of money for services/self-supported.
400
This is when one company sells a product without any close substitutions. _________, _________ and ________ the the 3 sub-types of this.
What is a monopoly. What are natural, geographic and technological
400
This are the two principles of taxation
What are benefit principle and ability to pay principle
400
This is the term for government programs for those who meet eligibility requirements to qualify for with essential services such as food stamps and welfare.
What are entitlements.
400
The purpose of this is to serve as the privately owned, publicly controlled central bank for the U.S.
What is the Federal Reserve System.
500
According to our Unit 2 research project, __________, ___________ and ____________ are the largest imports for the U.S. This number ___________ the GDP.
What is industrial supplies (crude petroleum), consumer goods (cars) and capital goods (computers). What is decreases.
500
This is when any of these 4 conditions changes significantly: adequate competition, well-informed buyers & sellers, resources are free to move from one industry to another, prices reasonably reflect the cost of production
What is market failure
500
____________ is the tax that remains the same for everyone, ____________ is the tax that is higher for people with higher income, and ______________ is the tax that is higher for people with lower income.
What is proportional tax, progressive tax and regressive tax
500
When the consumer wants are higher than the amount supplied this is called
What is demand pull inflation
500
Cyclical, Frictional, Seasonal, Structural, and Technological are examples of __________. CA is currently at a rate of ______%.
What is unemployment types and 8