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Flashcards in Economics Final Deck (79)
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Command economy

Government decides how to produce and consume goods

1

Goods

Material that satisfies human wants and provides a utility

2

Traditional economy

Uses custom to decide how to produce goods and services

3

Differentiation

The process of distinguishing a product Or service from others. To make it more attractive to a particular target market

4

Fiat money

Government makes it legal tender to pay debts

5

Blue collar worker

Works in an industrial job and receives wages

6

Sales tax

Tax on the value of a good being sold

7

Export

Good sent to another country for sale

8

Screening effect

How employers look at their completion of college shows employers that applicant is intelligent and hardworking

9

Progressive tax

percentage paid increases as income increases

10

Semi developed country

Nation with work force, better sanitation, and longer life expectancies

11

Structural unemployment

Workers skills don't match the jobs that are available

12

Frictional unemployment

While trying to find a job

13

Seasonal unemployment

Because of harvest schedules or industries that shut down for the season

14

Cyclical unemployment

During economic downturns

15

Underemployed

Being overqualified or working part time when you want to work full time

16

Trade deficit

Nation imports more than it exports

17

Trade surplus

Nation exports more than it imports

18

Market economy

Free exchange to decide how to produce and consume goods and services

19

Capital gain

Difference between higher selling price and lower purchasing price

20

Capital loss

Difference between lower selling price and higher purchase price

21

World bank

Provides money and sources to poor countries

22

Medicaid

Government health insurance to low income people

23

Medicare

Government health insurance to people over 62

24

Sole propietorship

Business owned and operated by one person

25

Tax

Required payment to a local, state, or national government

26

Revenue

Income received by government from taxes

27

Income tax

Tax on a persons earnings

28

Sales tax

Tax on the value of a good being sold

29

Property tax

Tax on the value of your property