unit 7
What is monopoly?
One seller dominates entire market
What is a tips of union
Industrial Union- for workers in same industry regardless of job
Are the tax laws fair?
Taxes are viewed as fairer if they have fewer exemptions and exceptions
Whats a private sector
part of the economy made up of private individuals and privately owned businesses
What is Opportunity Cost
The cost of the next-best alternative when a choice is made
What is collusion
formal agreement to set prices or behave in cooperative way
What is one independent union in mammoth
Mammoth Education Association
Whats the benefit principal of taxation
states that those who benefit should pay the same gas tax
Tax burned what is it ?
Whats Market
Location of other mechanism that allows buyers and sellers toexchange a specific economic product
What does Nonprice competition mean
to use advertising, giveaways, or other promotions
What is strikes?
refusing to work until conditions are met
Whats proportional Tax
Imposes same tax percentage on everyone
Whats the federal budget
annual plan outlining proposed revenues and expenditures for the next year
Whats Durable goods
Anything that lasts three years or more
When does Profit Maximization happen
1. occurs where marginal revenue is equal to marginal cost
What is closed shop
employer hires only union members
Whats regressive tax
Imposes a higher rate of taxation on lower incomes than higher ones
What is national defense
Second largest category of spending
whats services
work performed
What is Oligopoly
market structure where a few very large sellers dominate
What is lockout
refusing to let workers in until management demands are met
Whats utility taxes
water, sewerage, electricity, etc
What is medical ?
Health care program
What is human capital
Health knowledge and motivation of people