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83 Cards in this Set
- Front
- Back
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Tax
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Legally mandated payment to the government that is not made in exchange for a good or service
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Expenditure
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Money paid out; spending
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Sales Tax
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Tax placed on the retail sale of almost all goods purchased
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Income Tax
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Tax that is based on the amount of money a person earns or receives
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Excise Tax
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Tax placed on a specific good.
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Property Tax
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Tax placed on real estate, and in some cases, on personal possessions
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Revenue
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Income
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Local Government
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Examples of their expenditures: Expenditures: Education, Public health and safety local fire and police protection
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State Government
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Examples of their expenditures: State police protection, Education, Operation of state government
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Federal Government
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Examples of their expenditures are: National defense, Education, Transportation systems, Judicial System, Medicare
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Regressive Tax Structure
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A tax structure in which those who earn more income pay a lower percentage of income in taxes
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Progressive Tax Structure
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A tax structure in which those who earn more pay a higher percentage of income in taxes
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Proportional Tax Structure
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A tax structure in which everyone pays the same percentage of income in taxes, regardless of income level.
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Distributive Negotiation
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there is a limit or finite amount in the thing being distributed or divided amongst the people involved
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Intergrative Negotiation
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this implies some cooperation, or a joining of forces to achieve something together
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Avoiding Conflict Resolution Style
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might be appropriate when the issue is perceived by the manager to be trivial. It might also be an appropriate approach to use when there is no chance of winning or when disruption would be very costly.
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Competing Conflict Resolution Style
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the win-lose approach
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Accomodation Conflict Resolution Style
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preserving future relations between the parties
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Compromising Conflict Resolution Style
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as bargaining or trading.
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Collaborating Conflict Resolution Style
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Both sides creatively work towards achieving the goals and desired outcomes of all parties involved
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Specialization
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The process of making the best use of resources in the production of goods and services.
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Specialization by Trade or Progression
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This is the type of work you perform to earn a living. ex: Teachers, Doctors
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Specialization by Stage of Production
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This form occurs when more than one state of production is needed to change a raw material into a finished product.
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Specialization by Task
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Jobs are so specialized that a worker does only one small part of the total job.
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Natural Resources
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Materials or substances that occur in nature and can be used for economic gain.
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Capital Goods
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Human-made goods, tools, machines and buildings used to produce other goods and services.
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Human Resources
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The set of individuals who make up the workforce of an organization, business sector or an economy.
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Job Enlargement
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Management may combine job tasks to restore wholeness
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Job Rotation
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Rotation of employees periodically so that they learn new job tasks and see how their old tasks relate to the new tasks.
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Job Enrichment
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Managers add interest to a task to increase a job’s depth allowing workers to make more decision etc.
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Job Statisfaction
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Managers ask for and use employee suggestions.
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Marginal Revenue
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is the extra revenue that an additional unit of product will bring
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Marginal Cost
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is the change in total cost that arises when the quantity produced changes by one unit
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Negative Returns
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This occurs when a company or business has a financial loss or lackluster returns on an investment during a specific period of time.
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Marginal Product
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change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged
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Law of Diminishing Returns
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the resulting increases in output of product become smaller and smaller
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Diminishing Returns
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A rate that after a certain point fails to increase proportionately with additional capital or investments of time and labor
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Increasing Returns
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To scale results if long run production changes are greater than the proportional changes in all inputs used by a firm.
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Production Function
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Provides an representation of the relation between the production of a good and the inputs used.
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Theory of Production
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Deal with the relationship between the factors of production and the output of goods and services
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Stages of Production
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Production within an economy can be divided into three main stages: primary, secondary and tertiary.
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Primary Production
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involves the extraction of raw materials
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Secondary Production
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involves transforming raw materials into goods
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Tertiary Production
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associated with the provision of services
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Inflation
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A persistent increase in the average price level in the economy
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Inflation Rate
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The percentage change in the price level from one period to the next.
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Deflation
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extended decline in the average level of prices.
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Consumer Price Index
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index of prices of goods and services typically purchased by urban consumers
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Standard of Living
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it is the average real gross domestic product per person
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Price Stability
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condition in which the average price level in the economy does not change or changes very slowly.
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CPI
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measures changes in the price level of consumer goods and services purchased by households
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CCI
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as “a monthly report detailing consumer attitudes and buying intentions, with data available by age, income and region.”
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GDP & GDP Formula
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total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually one year
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Personal Consumption Expenditure
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the official government measure of consumption expenditures undertaken by the household sector
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Gross Private Domestic Investment
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The official measure of investment expenditures on gross domestic product by the business sector
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Government Purchases of Goods and Services
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Expenditures on final goods and services (that is, gross domestic product) undertaken by the government sector.
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Trade Deficit
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a condition in which a nation's imports are greater than exports.
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Trade Surplus
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a condition in which a nation's exports are greater than imports
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Uncounted Production
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Items that do not go through the standard markets and are not counted.
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Underground Economy
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the exchange of goods and services which are hidden from official view.
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Unemployment Rate
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proportion of the civilian labor force 16 years or older that is actively seeking employment
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Frictional Unemployment
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occurs because resources, especially labor, are in the process of moving from one production activity to another
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Structural Unemployment
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especially labor, are configured (trained) for a given technology but the economy demands goods and services using another technology.
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Cyclical Unemployment
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especially expenditures on gross domestic product, that occurs during a business-cycle contraction
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Seasonal Unemployment
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regular and predictable declines in particular industries or occupations over the course of a year, often corresponding with the climatic seasons.
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Technological Unemployment
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way in which steady increases in labor productivity mean that fewer workers are needed to produce the same level of output every year.
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Full Employment
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all of the economy's resources are engaged in the production of output
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Interest Rate
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is the yearly price charged by a lender to a borrower in order for the borrower to obtain a loan
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Nominal Interest Rate
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is one where the effects of inflation have not been accounted for
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Real Interest Rate
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are interest rates where inflation has been accounted for
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Real Interest Rates
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are interest rates where inflation has been accounted for
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Default Risk
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probability that a borrowing agent will not pay in full the agreed interest and/or principal
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Liquidity Risk
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is the risk that a given security or asset cannot be traded quickly enoug in the market to prevent a loss (or make the required profit).
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Maturity Risk
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refers to the risk that is associated with uncertainty of interest rate.
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Trough
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final phase of a business cycle; reached when economic activities stop their decline
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ABC Principle
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section for tasks to be done that day; to be done within the week; for things within the month.
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Imports
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Goods or services purchased from other countries
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Exports
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Goods and services sold by businesses and industries in one country to individuals, manufacturers, or governments in other countries
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Explicit
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fully and clearly expressed or demonstrated; leaving nothing merely implied
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Implicit
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capable of being understood from something else though unexpressed
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Monochronic
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prefer to focus on one task at a time.
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Polychronic
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on the other hand, like to multi-task and are generally less stringent when it comes to establishing or following an agenda.
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GDP Formula
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C + G + I + NX
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