Study sets matching "economics chapter 9"

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Study sets matching "economics chapter 9"

47 terms
Economics/Chapter 9 Terms
board of directors
business association
business ethics
business franchise
a governing body of a corporation elected by the shareholders.
an organization that represents the interests of businesspeop…
principles of right and wrong that guide the actions of a com…
an arrangement in which a parent company, or franchiser, dist…
board of directors
a governing body of a corporation elected by the shareholders.
business association
an organization that represents the interests of businesspeop…
13 terms
Economics - Chapter 9
Unskilled Labor
Semi-Skilled Labor
Skilled Labor
Professional Labor
Labor that requires no specialized skills, education, or trai…
Labor that requires minimal specialized skills and education
Labor that requires specialized skills and training
Labor that requires advanced skills and education
Unskilled Labor
Labor that requires no specialized skills, education, or trai…
Semi-Skilled Labor
Labor that requires minimal specialized skills and education
20 terms
Chapter 9 Economics Vocabulary
Labor force
Learning effect
Screening effect
Contingent employment
all nonmilitary people who are employed or unemployed
the theory that education increases productivity and results…
the theory that the completion of college indicates to employ…
a temporary or part-time job
Labor force
all nonmilitary people who are employed or unemployed
Learning effect
the theory that education increases productivity and results…
21 terms
Economics Chapter 9
labor productivity
wages
equilibrium wage
derived demand
the value of the goods and services a worker can produce in a…
payments received in return for work
the wage at which the quantity of workers demand equals the q…
a demand for a product or resource based on its contribution…
labor productivity
the value of the goods and services a worker can produce in a…
wages
payments received in return for work
27 terms
BJU Economics Chapter 9
Define Market
Define Competition
Define Industry
What are 4 ways to distinguish an indu…
An arrangement or system that people have developed for tradi…
The struggle each firm experiences as it seeks to survive and…
The sector of an economy made up of manufacturing enterprises
1. Number of firms... 2. Product differences ... 3. Control of pric…
Define Market
An arrangement or system that people have developed for tradi…
Define Competition
The struggle each firm experiences as it seeks to survive and…
13 terms
Economics - Chapter 9
Unskilled Labor
Semi-Skilled Labor
Skilled Labor
Professional Labor
Labor that requires no specialized skills, education, or trai…
Labor that requires minimal specialized skills and education
Labor that requires specialized skills and training
Labor that requires advanced skills and education
Unskilled Labor
Labor that requires no specialized skills, education, or trai…
Semi-Skilled Labor
Labor that requires minimal specialized skills and education
24 terms
Economics: Chapter 9
Labor Force
Outsourcing
Offshoring
Learning Effect
all nonmilitary people who are employed or unemployed
the practice of contracting with another company to do a spec…
the movement of some of a company's operations to another cou…
the theory that education increases efficiency of production…
Labor Force
all nonmilitary people who are employed or unemployed
Outsourcing
the practice of contracting with another company to do a spec…
39 terms
Economics Chapter 9
______________________ is when a third…
An arbitrator's decision ( is / is not…
If this occurs, both sides are require…
This is when management refuses to let…
ARBITRATION
IS
ARBITRATION
LOCKOUT
______________________ is when a third…
ARBITRATION
An arbitrator's decision ( is / is not…
IS
35 terms
Economics Chapter 9 Vocabulary
Sin Tax
Incidence Of Tax
Individual Income Tax
Sales Tax
A high tax designed to raise revenue and discourage consumpti…
The final burden of tax.- Who ends up paying tax
The federal tax levied on the wages, salaries, and other inco…
general state or city tax levied on a product at the time of…
Sin Tax
A high tax designed to raise revenue and discourage consumpti…
Incidence Of Tax
The final burden of tax.- Who ends up paying tax
35 terms
Economics Chapter 9 Vocabulary
Sin Tax
Incidence Of Tax
Individual Income Tax
Sales Tax
A high tax designed to raise revenue and discourage consumpti…
The final burden of tax.- Who ends up paying tax
The federal tax levied on the wages, salaries, and other inco…
general state or city tax levied on a product at the time of…
Sin Tax
A high tax designed to raise revenue and discourage consumpti…
Incidence Of Tax
The final burden of tax.- Who ends up paying tax
30 terms
Economics Chapter 9
market structure
perfect competition
large market
easy entry and exit
extent to which competition prevails in particular markets
market situation in which no single buyer or seller can affec…
situation in which numerous buyers and sellers exist for a pr…
situation in which the initial costs of investment are small
market structure
extent to which competition prevails in particular markets
perfect competition
market situation in which no single buyer or seller can affec…
Economics- Chapter 9
Labor force
Outsourcing
Offshoring
Learning effect
all nonmilitary people who are employed or unemployed.
the practice of contracting with another company to do a spec…
the movement of some of a company's operations to another cou…
the theory that education increases efficiency of production…
Labor force
all nonmilitary people who are employed or unemployed.
Outsourcing
the practice of contracting with another company to do a spec…
10 terms
Chapter 9 Economics
labor union
strike
right to work law
blue collar worker
An organization of workers that tries to improve working cond…
An organized work stoppage intended to force an employer to a…
A measure that bans mandatory union membership.
Someone who works in an industrial job, often in manufacturin…
labor union
An organization of workers that tries to improve working cond…
strike
An organized work stoppage intended to force an employer to a…
Economics Chapter 9
Economic Growth
Rule of 70
Labor Productivity
Innovation
Occurs when there are increases in per capita real GDP, measu…
stating that the approximate number of years required for per…
Total real real domestic output (real GDP) divided by the num…
Transforming an invention into something that is useful too h…
Economic Growth
Occurs when there are increases in per capita real GDP, measu…
Rule of 70
stating that the approximate number of years required for per…
Economics Chapter 9 Review
benefits
examples of work benefits
collective barganing
equilibrium wage
part of an employee's compensation other than wages or salary…
- Retirement plans... - Health plans... - Dental or vision plans... -…
The right of unions to negotiate with employers over wages an…
the wage rate that produces neither an excess supply of worke…
benefits
part of an employee's compensation other than wages or salary…
examples of work benefits
- Retirement plans... - Health plans... - Dental or vision plans... -…
Economics Chapter 9
learning effect
screening effect
contingent employment
farm worker
theory that education increases productivity and results in h…
theory about the relationship of education to wages
temporary and part time jobs
What job was held by most workers in the US at the founding o…
learning effect
theory that education increases productivity and results in h…
screening effect
theory about the relationship of education to wages
43 terms
Macro Economics - Chapter 9
loanable funds market
Figure 9.1 illustrates the role of the…
Figure 9.2 shows the production timeli…
An interest rate is a
is the market where savers supply funds for loans to borrowers
The market for loanable funds is where savers bring funds and…
The production timeline illustrates that GDP depends critical…
price of loanable funds. It is like the price of toothpaste o…
loanable funds market
is the market where savers supply funds for loans to borrowers
Figure 9.1 illustrates the role of the…
The market for loanable funds is where savers bring funds and…
34 terms
Economics Chapter 9 Vocabulary
Sin tax
Incidence tax
Tax loophole
Individual income tax
relatively high tax designed to raise revenue and discourage…
final burden of a tax
exception or oversight in the tax law allowing taxpayer to av…
tax levied on the wages, salaries, and other income of indivi…
Sin tax
relatively high tax designed to raise revenue and discourage…
Incidence tax
final burden of a tax
24 terms
Economics Chapter 9 Vocabulary
Labor Force
Outsourcing
Offshoring
Learning Effect
All nonmilitary people who are employed or unemployed.
The practice of contracting with another company to do a spec…
The movement of some of a company's operations to another cou…
The theory that education increases efficiency of production…
Labor Force
All nonmilitary people who are employed or unemployed.
Outsourcing
The practice of contracting with another company to do a spec…
15 terms
Economics Principles and Practices Chapter 9
Sin Tax
Tax loopholes
Individual Income Tax
Sales Tax
Relatively high tax disguised to raise revenue and discourage…
Exceptions or oversight in the tax law allowing a tax payer t…
Federal tax levied on the wages, salaries, and other income o…
General state or city tax levied on a product at the time of…
Sin Tax
Relatively high tax disguised to raise revenue and discourage…
Tax loopholes
Exceptions or oversight in the tax law allowing a tax payer t…
25 terms
Abeka Economics Chapter 9
money
to be a medium of exchange... to provide…
barter
portability, durability, homogeneity,…
term for anything that is generally accepted as a means of pa…
three principal purposes or functions of money
term for the direct exchange of one good for another good wit…
six characteristics of an ideal money
money
term for anything that is generally accepted as a means of pa…
to be a medium of exchange... to provide…
three principal purposes or functions of money
Economics Chapter 9
the three criteria for effective taxes…
the two principles of taxation are the…
a regressive tax imposes a lower perce…
the two largest sources of revenue for…
false
true
false
true
the three criteria for effective taxes…
false
the two principles of taxation are the…
true
9 terms
Survey of Economics, Chapter 9
antitrust
free rider
optimal mix of output
emission charge
Government intervention to alter market structure or prevent…
An individual who reaps direct benefits from someone else's p…
The most desirable combination of output attainable with exis…
A fee imposed on polluters, based on the quantity of pollution.
antitrust
Government intervention to alter market structure or prevent…
free rider
An individual who reaps direct benefits from someone else's p…
36 terms
Economics MGH Chapter 9
sin tax
incidence of a tax
tax loophole
individual income tax
relatively high tax designed to raise revenue and discourage…
final burden of a tax; who is actually paying the tax
exception or oversight in the tax law allowing a taxpayer to…
federal tax levied on the wages, salaries, and other income o…
sin tax
relatively high tax designed to raise revenue and discourage…
incidence of a tax
final burden of a tax; who is actually paying the tax
Economics Chapter 9 Vocab
Labor Force
Learning Effect
Screening Effect
Contingent Employment
All nonmilitary people who are employed or unemployed
The theory that education increases productivity and results…
the theory that the completion of college indicates to employ…
A temporary or part-time job
Labor Force
All nonmilitary people who are employed or unemployed
Learning Effect
The theory that education increases productivity and results…
Economics-Chapter 9 Vocabulary
Antitrust Legislation
Cartel
Deregulation
Economies of Scale
Laws to prevent new monopolies and trusts from forming and br…
Arrangement among groups of industrial businesses to reduce i…
The reduction of government regulation and control over busin…
Low production costs resulting from the large size of output
Antitrust Legislation
Laws to prevent new monopolies and trusts from forming and br…
Cartel
Arrangement among groups of industrial businesses to reduce i…
42 terms
Chapter 9: The Economics of Taxation
sin tax
incidence of a tax
tax loopholes
individual income tax
a relatively high tax designed to raise revenue and reduce co…
the final burden of the tax; how the tax is divided between b…
exceptions or oversights in the tax law that allow some peopl…
tax on people's earnings, main source of revenue for the fede…
sin tax
a relatively high tax designed to raise revenue and reduce co…
incidence of a tax
the final burden of the tax; how the tax is divided between b…
12 terms
Economics Chapter 9
check
canceled check
overdraft
floating a check
is a written order to a bank to pay the stated amount
a check that you canceled
a check written for more money than your account contains
waiting to send someone money
check
is a written order to a bank to pay the stated amount
canceled check
a check that you canceled
Economics: Chapter 9
The loanable funds market
An interest rate
The real interest rate
The nominal interest rate
is the market where savers supply funds for loans to borrower…
is a price of loanable funds, quoted as a percentage of the o…
is the interest rate that is corrected for inflation. (pg. 274)
is the interest rate before it is corrected for inflation. (p…
The loanable funds market
is the market where savers supply funds for loans to borrower…
An interest rate
is a price of loanable funds, quoted as a percentage of the o…
25 terms
Economics: Chapter 9
Explicit cost
Implicit cost
Accounting profit
Economic profit
a cost that requires an outlay of money.
does not require an outlay of money; it is measured by the va…
equal to revenue minus explicit cost.
equal to revenue minus the opportunity cost of resources used…
Explicit cost
a cost that requires an outlay of money.
Implicit cost
does not require an outlay of money; it is measured by the va…
20 terms
MVCS Economics Chapter 9
x What is a monopoly?
x What are the 3 telling factors of a…
In a free market (perfect competition)…
Who determines prices in a monopoly?
a market environment where there is only one provider of a ce…
1. A sole provider of a viable product or service... 2. A lack o…
Supply and demand... The buyers' willingness to supply at a cert…
The supplier of goods and services
x What is a monopoly?
a market environment where there is only one provider of a ce…
x What are the 3 telling factors of a…
1. A sole provider of a viable product or service... 2. A lack o…
32 terms
Holt Economics Chapter 9 vocab
disposable income
balance
liquidity
time deposits
money available after taxes have been paid
the amount of money in the account
being in cash or easily convertible to cash
savings plans that require savers to leave their funds on dep…
disposable income
money available after taxes have been paid
balance
the amount of money in the account
Economics Chapter 9
misery index
employed
unemployed
labor force
term made up by Arthur Okun, which adds together the inflatio…
people are considered employed if they worked during a week b…
in the government statistics, someone who is not currently at…
sum of employed and unemployed workers in the economy
misery index
term made up by Arthur Okun, which adds together the inflatio…
employed
people are considered employed if they worked during a week b…
37 terms
Economics - Chapter 9 vocab
Disposable Income
Balance
Liquidity
Time Deposits
The money a person has after taxes have been paid
1) the amount on the credit side of an account; 2) the differ…
The ease with which an individual or a business can convert a…
Usually a deposit in a bank that earns interest and must rema…
Disposable Income
The money a person has after taxes have been paid
Balance
1) the amount on the credit side of an account; 2) the differ…
35 terms
Economics Chapter 9
Sin Tax
Incidence of a Tax
Tax Loopholes
Individual income tax
A relatively high tax designed to raise revenue while reducin…
The final burden of the tax or the one who has to pay the tax.
exceptions or oversights in the tax law that allow some peopl…
The federal tax on people's earnings.
Sin Tax
A relatively high tax designed to raise revenue while reducin…
Incidence of a Tax
The final burden of the tax or the one who has to pay the tax.
48 terms
Chapter 9 Regional Economic Integration
Regional Economic Integration
Rise
Between
Levels of Economic Integration
Agreements between countries in a geographic region to reduce…
Regional Economic Integration benefits all. Over the last 2 d…
Regional Economic Integration could be a bad thing, some are…
1. Free Trade Area... 2. Customs Union... 3. Common Market... 4. Econo…
Regional Economic Integration
Agreements between countries in a geographic region to reduce…
Rise
Regional Economic Integration benefits all. Over the last 2 d…
13 terms
Chapter 9 Economics
budget
earn
product
economic choice
plan that shows income, spending, and saving
to get paid for working
a good or a service
decision to buy one thing rather than another
budget
plan that shows income, spending, and saving
earn
to get paid for working
35 terms
review chapter 9 economics Bob Jones
steel
ease of entry
milk, corn, wheat
an arrangement that people make for tr…
In what industry did Andrew Carnegie earn his wealth?
One characteristic of perfect competition is ?
Name some products which are not easily differentiated
What is the definition of a market from an economic's point o…
steel
In what industry did Andrew Carnegie earn his wealth?
ease of entry
One characteristic of perfect competition is ?
20 terms
Economics Chapter 9
usury
finance charge
disposable income
installments
charging interest above the legal limit
the total cost of credit expressed in dollars and cents
the money people have available after taxes have been paid
equal amounts into which payments of a loan are divided
usury
charging interest above the legal limit
finance charge
the total cost of credit expressed in dollars and cents
Economics Chapter 9 Vocab
closed shop
white collar
arbitration
featherbedding
a workplace that hires only union workers
a professional who usually receives a salary
a technique involving a legally binding, thirdparty decision…
involves contract negotiations that keep unnecesarry workers…
closed shop
a workplace that hires only union workers
white collar
a professional who usually receives a salary
21 terms
Chapter 9- Economics
business cycle
Consumer Price Index (CPI)
core inflation
cost-push inflation
recurring increases and decrease in the level of economic act…
an index that measure the prices of a fixed "market basket" o…
the underlying increases in the price level after volatile fo…
increases in the price level (inflation) resulting from an in…
business cycle
recurring increases and decrease in the level of economic act…
Consumer Price Index (CPI)
an index that measure the prices of a fixed "market basket" o…
23 terms
Ag Economics chapter 9
absolute unit-cost advantages
agricultural barganing associations
barriers to entry
capital cost barrier
exsists when one nation can produce goods more cheaply than a…
associations formed by producers to improve the degree of com…
those forces that make it difficult for firms to enter an ind…
a barrier wherein the capital investment required for effecie…
absolute unit-cost advantages
exsists when one nation can produce goods more cheaply than a…
agricultural barganing associations
associations formed by producers to improve the degree of com…
Economics Chapter 9
Labor force
Not in labor force
Bureau of labor statistics
Employed
All non-military people over 16, employed or actively looking…
Full time students, stay at home parents, retirees, discourag…
Tracks trends in the labor market, assembling info. about the…
16 years or older, worked at least 1 hour for pay in the past…
Labor force
All non-military people over 16, employed or actively looking…
Not in labor force
Full time students, stay at home parents, retirees, discourag…
Economics Chapter 9
substitution effect
income effect
elasticity of demand
perfectly inelastic
the change in the quantity demanded as the good that has beco…
change in the quantity of a good demanded that results from a…
measurement of consumers responsiveness to a change in price.…
when the quantity demanded doesn't respond to change in price…
substitution effect
the change in the quantity demanded as the good that has beco…
income effect
change in the quantity of a good demanded that results from a…
20 terms
Economics Chapter 9
Tariff
Imports
Exports
Autarky
-A tax imposed by a govt. on imports into a country... -Increase…
Goods and services bought domestically but produced in other…
Goods and services produced domestically but sold in other co…
A situation in which a country does not trade with other coun…
Tariff
-A tax imposed by a govt. on imports into a country... -Increase…
Imports
Goods and services bought domestically but produced in other…
41 terms
Economics Chapter 9
Labor
Labor Market Trends (Occupational)
Effects of International Competition
Occupational Trends
Productive activity for economic gain. Physical or mental exe…
Agricultural to Industrial Revolution to boom in electronics…
Manufacturing jobs decrease. Workers laid off due to closings…
Creative Destruction & Labor. Relationship of business & labo…
Labor
Productive activity for economic gain. Physical or mental exe…
Labor Market Trends (Occupational)
Agricultural to Industrial Revolution to boom in electronics…
43 terms
Economics Chapter 9
labor union
strike
picket
boycott
an organization of workers that tries to improve working cond…
union organized work stoppage intended to force an employer t…
demonstrate or march before a place of business to protest a…
mass refusal to buy products from targeted employers or compa…
labor union
an organization of workers that tries to improve working cond…
strike
union organized work stoppage intended to force an employer t…
Economics Chapter 9
breaking even
shutdown point
short-run industry supply curve
increasing returns to scale or economi…
the situation in which a firm is earning exactly a normal rat…
the lowest point on the average variable cost curve. When pri…
The sum of the marginal cost curves (above AVC) of all the fi…
an increase in a firm's scale of production leads to lower co…
breaking even
the situation in which a firm is earning exactly a normal rat…
shutdown point
the lowest point on the average variable cost curve. When pri…
10 terms
Economics Chapter 9
Financial intermediaries
money
bank reserves
100% reserve banking
firms that extend credit to borrowers using funds raised from…
any asset that can be used in making purchases
cash or similar assets held by banks
when banks' reserves equal 100% of their deposits
Financial intermediaries
firms that extend credit to borrowers using funds raised from…
money
any asset that can be used in making purchases
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