Category 1
The unemployment which exists in any economy due to people being the process of moving from one job to another.
Frictional Unemployment
When you make a decision between two choices, the values of the option you did not pick is called what?
Opportunity Cost
________is a situation in which the amount of a good or service supplied by producers is greater than the amount demanded by consumer (Hint: supply>demand)
Surplus
The price set for a good or service in the marketplace where demand/supply are perfectly balanced is called ?
Equilibrium
_________ ___________ outlaws all contracts, combinations, and conspiracies that unreasonably restrain interstate and foreign trade. This includes agreements among competitors to fix prices, rig bids, and allocate customers.
Sherman Anti-trust Act
The ____________________ Act prohibits unfair methods of competition in interstate commerce, but carries no criminal penalties.
Federal Trade Commission
Someone who buys a good or service
Consumer
When people are unemployed at particular times of the year when demand for labor is lower than usual.
Seasonal unemployment
_______________is levied by the Internal Revenue Service on individual and corporate income to pay for government services.
Federal Income tax
Persistent high prices combined with high demand.
Inflation
__________ Act prohibits mergers or acguisitions that are likely to lesson compitition
Clayton
A person or business that provides good or services
Producer
How the government uses taxes and spending to reach economic goals is called what?
Fiscal policy
______________ tax is a tax on a person's assets after death. (Fill in the blank)
Estate
A decrease in the rate of inflation.
Disinflation
Location or arrangement that allows buyers and sellers to get together to buy or sell products and services.
Market
The four rights of a property owner are:
Name one
Possession
Enjoyment
Control
Exclusive
The number of people unemployed due to the structure of the labor force, such as those who lack the skills to gain employment.
Natural Unemployment
______________ the charge on the profit from when an investment is sold.
Capital Gains Tax
Reduction of the general level of prices in an economy.
Deflation
The United States of America is an example of this particular economy?
Market Economy
__________________is the total market value of all final goods and services produced in a cpuntry in a single year.
Gross Domestic Product
_______________ unemployment: When the demand for goods and services in an economy decreases, forcing companies to lay off workers in an effort to cut costs.
Cyclical
__________________ taxes, also known as "Sin Taxes" are a unique form of sales tax imposed on a specific good or activity. (ex. cigarettes, cigars, snuff, chewing tobacco, pipe tobacco, and roll-your-own tobacco (Fill in the blank)
Excise
Persistent high inflation combined with high unemployment and lowered demand is called?
Stagflation