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Economics last quiz
Terms in this set (12)
Government Regulation: how and for whom does it work?
Regulation is meant to protect competition, competition among businesses benefits consumers
Monopoly: why are they bad?
Monopolies eliminate competition.
-Buisnesses working together to set the prices of competing products
-Producers set prices below equilibrium value so that smaller producers cannot afford to compete
-competing buisnesses divide up a market
Regulatory Agencies: What they do and why?
Globalization: What is it, why it is good and why it is bad?
"Flat world" theory
The worldwide movemnt toward economic, finacial, trade, and communications intergrations. Good because it benefits american production, bad because it's at the sacrifice of third world countries
-spending more on imports exceeds revenue on exports
-tax placed on imported products, slow trade down
-limit on the amount of a good that may be allowed in a country
-prohibition on import or export of a product
NAFTA: What is it, why is it good and why is it bad?
TPP (Trans Pacific Partnership)
Agreement between mexico, canada and U.S
eliminates/reduces all tariffs between nations
allows materials, technologies investment money and labor to move freely across north america
Personal taxation:role of function of these documents
Types of Taxes:
Progressive (positives and negatives of both)
Flat (positives and negatives of both)
Flat vs. progressive: Flat tax everyone pays the same tax percentage, progressive is when you pay your taxes on how much you make
Payroll taxes: medicare and social security, which come out of your paycheck
Fiscal Policy (federal): What is it?
Taxes and government spending
Mandatory Spending (entitlement programs)
Comes out of our paycheck and goes to elderly or the poor
(How to fix social security looming debt)
Stock Project: Buy and Hold model
Buy and hold model: doing the research and holding the stock to create a positive outcome instead of investing in random stock momentarily
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