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vocab
boring
42
Economics
12th Grade
06/06/2011

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Term
Definition
rationing

a fixed allowance of provisions or food especially for soldiers or sailors or for civilians during a shortage.
Term
Definition
surplus something that remains above what is used or needed.
Term
Definition
shortage the amount of such deficiency.
Term
Definition
loss leader a popular article that is sold at a very low price or at a loss for the purpose of attracting customers to a retail store.
Term
Definition
monopoly exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices.
Term
Definition
price-fixing the establishing of prices at a determined level, either by a government or by mutual consent among producers or sellers of a commodity.
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Definition
minimum wage the lowest wage payable to employees in general or to designated employees as fixed by law or by union agreement.
Term
Definition
union the act of uniting two or more things.
Term
Definition
boycott to combine in abstaining from, or preventing dealings with, as a means of intimidation or coercion: to boycott a store.
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Definition
lockout the temporary closing of a business or the refusal by an employer to allow employees to come to work until they accept the employer's terms.
Term
Definition
luxury good an economic good for which demand increases more than proportionally as income rises; contrast with inferior good and normal good.
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Definition
customs duty money collected under a tariff
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Definition
flat tax A single tax rate that applies to everyone obligated to pay the tax. Sales taxes are flat taxes. There have been proposals to substitute a flat tax on income for the current graduated tax, which taxes higher incomes at a higher rate. Proponents argue that the flat tax is fair and simple. Opponents view it as a bonanza for the wealthy.
Term
Definition
gross domestic product gross national product excluding payments on foreign investments. Abbreviation: GDP
Term
Definition
disposable income the part of a person's income remaining after deducting personal income taxes.
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Definition
standard of living a grade or level of subsistence and comfort in everyday life enjoyed by a community, class, or individual: The well-educated generally have a high standard of living.
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Definition
renewable resource any natural resource that can replenish itself naturally over time, as wood or solar energy; also called renewable energy,
Term
Definition
recession the act of receding or withdrawing.
Term
Definition
depression the act of depressing or state of being depressed
Term
Definition
economic model
Term
Definition
unemployment the state of being unemployed, especially involuntarily: Automation poses a threat of unemployment for many unskilled workers.
Term
Definition
income inequality
Term
Definition
negative income tax a system of income subsidy through which persons having less than a certain annual income receive money from the government rather than pay taxes to it.
Term
Definition
welfare financial or other assistance to an individual or family from a city, state, or national government.
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Definition
food stamps any of the coupons sold or given under a federal program to eligible needy persons and redeemable for food at designated grocery stores or markets.
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Definition
legal reserve the amount of cash assets that a bank, insurance company, etc., is required by law to set aside as reserves.
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Definition
liquidity the ability or ease with which assets can be converted into cash.
Term
Definition
interest rate
The usual way of calculating interest — as a percentage of the sum borrowed.
Term
Definition
aggregate supply
Term
Definition
aggregate demand
Term
Definition
equilibrium equal balance between any powers, influences, etc.; equality of effect.
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Definition
deregulation to remove government regulatory controls from (an industry, a commodity, etc.): to deregulate the trucking industry; to deregulate oil prices.
Term
Definition
absolute advantage a business situation in which a provider of goods or services is more profitable or efficient than all of its competitors, by having a smaller total input per unit of output.
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Definition
comparative advantage
the ability of an individual or group to carry out an economic activity, such as production, at a lower cost and more efficiently than another entity.
Term
Definition
tariff
the schedule or system of duties so imposed.
Term
Definition
quota

a proportional part or share of a fixed total amount or quantity.
Term
Definition
balance of payments

the difference between a nation's total payments to foreign countries,including movements of capital and gold, investments, tourist spending, etc., and its total receipts from foreign countries.
Term
Definition
most favored nation

of or pertaining to the status, treatment, terms, etc., that are embodied in or conferred by a most-favored-nation claus.
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