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18 Cards in this Set
- Front
- Back
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Functional Distribution of Income
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The divison of national income into wages and salaries, proprietors'income, corporate profits, intrest, and rent.
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Personal Distribution of Income
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The way disposable income is divided among diffrent income classes or diffrent households or families.
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Plant
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A physical establishment that performs one or more functions in the production, fabrication, and distribution of goods and services.
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Firm
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An organization that employs resources to produce a good or a service for profit and owns and operates one or more plants.
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Industry
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A group of(one or more) firms that produce identical or similar products.
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Vertically Intergrated Firm
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A group of plants engaged in diffrent stages of the production of a final product and owned by a single firm.
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Horzantally Intergrated Firm
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Several plants performing much the same function.
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Conglomerate
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Firms that produce goods and serivves in two or more separate industries.
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Sole Proprietorship
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An unincorporated firm owned and operated by one person.
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Partnership
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An unincorprated firm owned and operated by two or more persons.
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Corporation
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A legal entity(Person) chartered by a state or the Federal government that is distinct and separate form the individuals who own it.
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Monopoly
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A market structure in which the number of sellers is so small that each seller is able to influence the toal supply and the price of the good or service.
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Principal-agent Problem
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A colfict of intrest that occurs when workers pursue their own objecctives to the detriment of the principals(stock holders)goals.
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Government Purchases
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Expenditures of government in order to provide public goods for the public.
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Government Transfer Payments
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Government disbursement of money to the public.
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Free-Rider Problem
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The Inability to keep people who didnt pay from using a good or service(Park's).
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Private Goods
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A good owned by firms that can exclude nonpayers from receiving the benefits.
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Public Goods
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A good that can be used by everyone.
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