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ECONOMICS DEFINITIONS OF TERMS
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ECONOMICS DEFINITIONS OF TERMS
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ECONOMICS DEFINITIONS OF TERMSGDP (Gross Domestic Product) - total amount of goods & service produced in one year in a
country *helps us measure how healthy the economy is
The value of all the goods and service produced in a country in one yesr
The value of all the goods and service produced in a country in one yesr
revenue - income received by the government from our taxes
progressive tax - tax that increases when a person's income increases ex: federal income tax
regressive tax - the higher the income the smaller the percentage of income paid in taxes ex:
sales tax
proportional (flat) tax - tax that is the same for all people regardless of income
excise (sin) tax - tax on goods that may be seen as a luxury or not good for society (alcohol,
tobacco)
Types of taxes - income tax (tax on $ earned @ job)
property tax (tax on real estate)
sales tax (tax on goods/services)
Characteristics of a good tax - simplicity, efficiency, certainty, equity
expansionary policy - cut taxes or increasing spending to GROW the economy ex: use this
policy during/after a recession or a depression
contractionary policy - raise taxes or decrease spending to SLOW the economy ex: use
contractionary policy to avoid inflation
, fiscal policy - the way the government can influence the economy by using taxes & spending
ex: raise taxes to slow the economy or lower taxes to grow the economy *increase spending to grow
the economy & decrease spending to slow the economy
budget deficit - We are spending more money than we are making in revenue
National debt - Total amount of deficits plus the interest *U.S. 19 trillion
import - to bring goods into a country
export - to send goods out of a country
interdependence - Our nation's rely on one another to get goods & services
self-interest - an individual's own personal gain
law of demand - consumers buy more of a good when its price decreases and less when its
price increases
shortage - A situation in which quantity demanded is greater than quantity supplied
surplus - A situation in which quantity supplied is greater than quantity demanded
equilibrium price - the price that balances quantity supplied and quantity demanded
price floor - A legal minimum on the price at which a good can be sold. This leads to a surplus.
price ceiling - A legal maximum on the price at which a good can be sold. This leans to a
shortage.
diminishing marginal returns - when the marginal gain in output diminishes as each additional
unit of input is added
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