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| the satisfaction received from consumption; sense of well-being |
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| cash or in-kind benefits given to individuals as outright grants from the government |
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| development of large-scale factory production that began in Great Britain around 1750 and spread to the rest of Europe, North America and Australia. |
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| economic units formed by profit seeking entrepreneurs who employ resources to produce goods and services. |
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| a firm with a single owner who has the right to all profits but who also bears unlimited liability for the firm's losses and debts. |
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| a firm with multiple owners who share that profits and bear unlimited liablity for the firm's losses and debts. |
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| an organization consisting of people who pool their resources to buy and sell more efficiently than they could individually. |
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| not-for-profit organizations |
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| groups that do not pursue profit as a goal; they engage in charitable, educational, humanitarian, cultural, professional, or other activities, often with a social purpose. |
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| a condition that arises when the unregulated operation of markets yields socially undesirable results. |
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| a sole supplier of a product with no close substitutes |
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| one firm that can supply the entire market at a lower per-unit cost than could two or more firms. |
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| a good that is both rival in consumption and exclusive, such as pizza |
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| a good that, once produced, is available for all to consume, regardless of who pays and who doesn't; such a good is non-rival and nonexclusive, such as a safer community |
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| A cost or benefit that affects neither the buyer or seller, but instead affects people not involved in the market transaction. |
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Definition
| the use of government purchases, transfer payments, taxes and borrowing to influence economy-wide variables such as inflation, employment, and economic growth. |
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Term
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Definition
| regulation of the money supply to influence economy-wide variables such as inflation, employment and economic growth. |
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Term
| ability-to-pay tax principle |
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Definition
| those with a greater ability to pay, such as those earning higher incomes or those owning more property, should pay more taxes. |
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Term
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| the distribution of tax burden among taxpayers; who ultimately pays the tax. |
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Definition
| the tax as a percentage of income remains constant as income increases; also called a flat tax. |
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Term
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Definition
| the taxas a percentage of income increases as income increases. |
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Term
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Definition
| the percentage of each additional dollar of income that goes to the tax |
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Term
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Definition
| the tax as a percentage of income decreases as income increases. |
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Term
| merchandise trade balance |
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Definition
| the value during a given period of a country's exported goods minus the value of its imported goods |
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Term
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Definition
| a record of all economic transactions during a given period between residents of one country and residents of the rest of world. |
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Definition
| foreign money needed to carry out international transactions. |
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| a legal limit on the quantity of a particular product that can be imported |
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