Economics

Front 1

strike

Back 1

a work stoppage by a firm's employees

Front 2

direct tax

Back 2

a tax paid to the government by the person or business that is taxed
a tax that can't be shifted

Front 3

Comsuner
Price
Index

Back 3

the series if index numbers measuring changes in the level of prices for a period of time

Front 4

credit union

Back 4

a depository institution whose members are its depositors and borrowers

Front 5

wage price spiral

Back 5

inflation marked by rising wages causing prices to rise and rising prices causing wages to rise

Front 6

trade-off

Back 6

the giving up of one thing to obtain something else

Front 7

economic system

Back 7

the way a society answers the What How and Who questions

Front 8

economics

Back 8

the study of how society uses limmited resources to satisfy unlimited wants

Front 9

good

Back 9

a tangible item of value

Front 10

standard of living

Back 10

the quantity and quality of goods and services available to an individual or society

Front 11

entrepreneurship

Back 11

the bringing together of the factors of production

Front 12

demand curve

Back 12

a curve showing the quantities of a good a consumer is willing to but at an alternative price

Front 13

Key economic questions

Back 13

What is produced?
How is it produced?
Who gets what is produced?

Front 14

macroeconomics

Back 14

the study of the forces affecting the economy as a whole

Front 15

supply curve

Back 15

show the quantities of a good a seller is willing and able to sell at alternative prices

Front 16

Gross
Domestic
Product

Back 16

value of production within a country's boundaries

Front 17

Inflation

Back 17

increase in the average level of price goods and services over time

Front 18

deflation

Back 18

decrease in the average level of prices of goods and services

Front 19

public utility

Back 19

industries that serve the public intrest such as gas ans electric companies

Front 20

eminent domain

Back 20

government power to seize property

Front 21

consuner sovereignty

Back 21

freedom to chose which goods and services they will buy and reject

Front 22

medicare

Back 22

the government medical and hospital insurence for the elderly

Front 23

competition

Back 23

rivalry among sellers

Front 24

demand pull inflation

Back 24

a rise in the level of prices caused by an increase in demand

Front 25

medicaid

Back 25

the state-run medical insurence program for the poor

Front 26

budget

Back 26

a plan for dealing tith futureincome expenses

Front 27

boycott

Back 27

an organized refusal to buy goods or fervices from a company or nation

Front 28

ability to pay

Back 28

people who are best ablt to afford to pay taxes should pay more than others

Front 29

circular flow

Back 29

the movement of money goods and services through the economy

Front 30

craft union

Back 30

an organization of members of the same skilled trade

Front 31

commercial bank

Back 31

a privately owned institution that provides a wide array of financial services especially to business consumers

Front 32

cost push inflation

Back 32

a rise in the level of prices caused by a increase in the cost of doing business

Front 33

indirect tax

Back 33

a tax that can be shifted from the person or business taxed to someone elese who is frequently unaware of that fact

Front 34

hidden tax

Back 34

one included in the seling price os a good or services without the buyer knowing it

Front 35

estate tax

Back 35

a federal tax levied on a person's personal property at the time of death

Front 36

flat tax

Back 36

a tax with a single rate that is applied to all income above a certain level

Front 37

gresham's law

Back 37

the idea that cheap money drives out expensive money

Front 38

Fiscal year

Back 38

an accounting period of 12 months

Front 39

mortgage

Back 39

a pledge of property as security for a loan

Front 40

lock out

Back 40

the shutting down of a plant by management in hopes of getting its union workers to agree to certain contracts

Front 41

stagflation

Back 41

a period of both inflation and deflation

Front 42

open shop

Back 42

a business or factory in which the employer is free to hire either union or nonunion workers

Front 43

mutual savings bank

Back 43

a bank that is owned by its depositors

Front 44

progressive tax

Back 44

one the increases in the percentage paid as the atxpayer's income increases

Front 45

thrift institution

Back 45

a term used for mutual savings banks, s&ls and credit unions

Front 46

profit

Back 46

the income that remains after costa of doing business have been deduced

Front 47

savings and loan

Back 47

funds are used primarily to finance home mortgages

Front 48

benefits received

Back 48

taxes should be paid by those who will benefit from money collected

Front 49

recessive tax

Back 49

one that takes a larger portion of the earnings of people with low incomes than those of high income