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49 Cards in this Set

  • Front
  • Back
strike
a work stoppage by a firm's employees
direct tax
a tax paid to the government by the person or business that is taxed
a tax that can't be shifted
Comsuner
Price
Index
the series if index numbers measuring changes in the level of prices for a period of time
credit union
a depository institution whose members are its depositors and borrowers
wage price spiral
inflation marked by rising wages causing prices to rise and rising prices causing wages to rise
trade-off
the giving up of one thing to obtain something else
economic system
the way a society answers the What How and Who questions
economics
the study of how society uses limmited resources to satisfy unlimited wants
good
a tangible item of value
standard of living
the quantity and quality of goods and services available to an individual or society
entrepreneurship
the bringing together of the factors of production
demand curve
a curve showing the quantities of a good a consumer is willing to but at an alternative price
Key economic questions
What is produced?
How is it produced?
Who gets what is produced?
macroeconomics
the study of the forces affecting the economy as a whole
supply curve
show the quantities of a good a seller is willing and able to sell at alternative prices
Gross
Domestic
Product
value of production within a country's boundaries
Inflation
increase in the average level of price goods and services over time
deflation
decrease in the average level of prices of goods and services
public utility
industries that serve the public intrest such as gas ans electric companies
eminent domain
government power to seize property
consuner sovereignty
freedom to chose which goods and services they will buy and reject
medicare
the government medical and hospital insurence for the elderly
competition
rivalry among sellers
demand pull inflation
a rise in the level of prices caused by an increase in demand
medicaid
the state-run medical insurence program for the poor
budget
a plan for dealing tith futureincome expenses
boycott
an organized refusal to buy goods or fervices from a company or nation
ability to pay
people who are best ablt to afford to pay taxes should pay more than others
circular flow
the movement of money goods and services through the economy
craft union
an organization of members of the same skilled trade
commercial bank
a privately owned institution that provides a wide array of financial services especially to business consumers
cost push inflation
a rise in the level of prices caused by a increase in the cost of doing business
indirect tax
a tax that can be shifted from the person or business taxed to someone elese who is frequently unaware of that fact
hidden tax
one included in the seling price os a good or services without the buyer knowing it
estate tax
a federal tax levied on a person's personal property at the time of death
flat tax
a tax with a single rate that is applied to all income above a certain level
gresham's law
the idea that cheap money drives out expensive money
Fiscal year
an accounting period of 12 months
mortgage
a pledge of property as security for a loan
lock out
the shutting down of a plant by management in hopes of getting its union workers to agree to certain contracts
stagflation
a period of both inflation and deflation
open shop
a business or factory in which the employer is free to hire either union or nonunion workers
mutual savings bank
a bank that is owned by its depositors
progressive tax
one the increases in the percentage paid as the atxpayer's income increases
thrift institution
a term used for mutual savings banks, s&ls and credit unions
profit
the income that remains after costa of doing business have been deduced
savings and loan
funds are used primarily to finance home mortgages
benefits received
taxes should be paid by those who will benefit from money collected
recessive tax
one that takes a larger portion of the earnings of people with low incomes than those of high income