Go on. Explore!

lvl 0 • 0 xp

lvl 1

Home Market Decks Interests

Go

memorize.ai (lvl 286)

Section 1

Preview this deck

nonprice competition

Front

1 / 31

0.0

0 reviews

5			0
4			0
3			0
2			0
1			0

Active users

All-time users

Favorites

Last updated

6 years ago

Date created

Mar 1, 2020

Cards (31)

Section 1

(31 cards)

nonprice competition

Front

a way to attract customers through style, service, or location, but not a lower price

Back

demand deposit

Front

the money in checking accounts

Back

mandatory spending

Front

Required govt spending by permanent laws

Back

voluntary exchange

Front

the act of buyers and sellers freely and willingly engaging in market transactions

Back

merger

Front

when two or more companies join to form a single firm

Back

Withholding

Front

taking tax payments out of an employee's pay before he or she receives it

Back

public goods

Front

Back

operating budget

Front

a budget for day-to-day spending needs

Back

circular flow model

Front

Back

Macroeconomics

Front

The study of the economy as a whole

Back

imperfect competition

Front

occurs in markets that have few sellers or products that are not standardized

Back

Fed

Front

Back

Equilibrium

Front

balance

Back

standardized product

Front

a product that consumers consider identical in all essential features to other products in the same market

Back

Externality

Front

an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume

Back

Privitize

Front

to change from government or public ownership to private ownership

Back

authoritarian system

Front

a system of government that bases its rule on force rather than consent of the governed

Back

Deregulation

Front

The lifting of government restrictions on business, industry, and professional activities.

Back

free contract

Front

the concept that people may decide what agreements they want to enter into

Back

Adam Smith

Front

Scottish economist who wrote the Wealth of Nations a precursor to modern Capitalism.

Back

antitrust legislation

Front

Federal laws (starting with the Sherman Antitrust Act of 1890) that try to prevent a monopoly from dominating an industry and restraining trade.

Back

Socialism

Front

A system in which society, usually in the form of the government, owns and controls the means of production.

Back

factors of production

Front

land, labor, capital

Back

marginal revenue

Front

the change in total revenue from an additional unit sold

Back

perfect competition

Front

the degree of competition in which there are many sellers in a market and none is large enough to dictate the price of a product

Back

Law of Supply

Front

producers offer more of a good as its price increases and less as its price falls

Back

total cost

Front

the sum of fixed and variable costs

Back

progressive tax

Front

A tax for which the percentage of income paid in taxes increases as income increases

Back

substitution effect

Front

when consumers react to an increase in a good's price by consuming less of that good and more of other goods

Back

commodity money

Front

objects that have value in themselves and that are also used as money

Back

supply

Front

The amount of goods available

Back