Micro-Economics: Unit 2 Review - Assignment Essays %

Q: public goods and services

Individuals could not provide them efficiently. Interstate highways, postal service, etc.

question

public goods and services

answer

Individuals could not provide them efficiently. Interstate highways, postal service, etc.

question

positive externalities

answer

by-products of consumption or production that benefit third parties

question

negative externalities

answer

by-products of production or consumption that impose costs on third parties

question

Taxes

answer

Fees for the support of government required to be paid by people and businesses.

question

regulation

answer

government intervention in a market that affects the production of a good

question

subsidy

answer

a sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive.

question

Monopoly

answer

Complete control of a product or business by one person or group

question

Cartel

answer

a formal organization of producers that agree to coordinate prices and production

question

trust

answer

A group of corporations run by a single board of directors

question

Outsourcing

answer

A decision by a corporation to turn over much of the responsibility for production to independent suppliers.

question

Vertical Integration

answer

Practice where a single entity controls the entire process of a product, from the raw materials to distribution

question

Horizontal Integration

answer

Absorption into a single firm of several firms involved in the same level of production and sharing resources at that level

question

conglomerate merger

answer

the joining of firms in completely unrelated industries

question

offshore companies

answer

conduct most of their business outside of the country in which they are incorporated. These companies are also known as non-resident companies.

question

budget deficit

answer

a situation in which the government spends more than it takes in

question

budget surplus

answer

a situation in which the government takes in more than it spends

question

market structure

answer

the extent to which competition prevails in particular markets

question

liberal

answer

open to new behavior or opinions and willing to discard traditional values.

question

conservative

answer

holding to traditional attitudes and values and cautious about change or innovation, typically in relation to politics or religion.

question

discretionary spending

answer

spending about which Congress is free to make choices

question

excise tax

answer

Consumer tax on a specific kind of merchandise, such as tobacco.

question

estate tax

answer

A tax on the estate, or total value of the money and property, of a person who has died

question

social insurance taxes

answer

Taxes collected from employees and employers to pay for major social programs; also known as payroll taxes and social insurance taxes

question

corporate income tax

answer

a tax on the value of a company's profits

question

custom duties

answer

taxes on foreign imported goods

question

supply chain

answer

the group of firms that make and deliver a given set of goods and services

question

competition

answer

the struggle among producers for the dollars of consumers

1 of 27

question

public goods and services

answer

Individuals could not provide them efficiently. Interstate highways, postal service, etc.

question

positive externalities

answer

by-products of consumption or production that benefit third parties

question

negative externalities

answer

by-products of production or consumption that impose costs on third parties

question

Taxes

answer

Fees for the support of government required to be paid by people and businesses.

question

regulation

answer

government intervention in a market that affects the production of a good

question

subsidy

answer

a sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive.

question

Monopoly

answer

Complete control of a product or business by one person or group

question

Cartel

answer

a formal organization of producers that agree to coordinate prices and production

question

trust

answer

A group of corporations run by a single board of directors

question

Outsourcing

answer

A decision by a corporation to turn over much of the responsibility for production to independent suppliers.

question

Vertical Integration

answer

Practice where a single entity controls the entire process of a product, from the raw materials to distribution

question

Horizontal Integration

answer

Absorption into a single firm of several firms involved in the same level of production and sharing resources at that level

question

conglomerate merger

answer

the joining of firms in completely unrelated industries

question

offshore companies

answer

conduct most of their business outside of the country in which they are incorporated. These companies are also known as non-resident companies.

question

budget deficit

answer

a situation in which the government spends more than it takes in

question

budget surplus

answer

a situation in which the government takes in more than it spends

question

market structure

answer

the extent to which competition prevails in particular markets

question

liberal

answer

open to new behavior or opinions and willing to discard traditional values.

question

conservative

answer

holding to traditional attitudes and values and cautious about change or innovation, typically in relation to politics or religion.

question

discretionary spending

answer

spending about which Congress is free to make choices

question

excise tax

answer

Consumer tax on a specific kind of merchandise, such as tobacco.

question

estate tax

answer

A tax on the estate, or total value of the money and property, of a person who has died

question

social insurance taxes

answer

Taxes collected from employees and employers to pay for major social programs; also known as payroll taxes and social insurance taxes

question

corporate income tax

answer

a tax on the value of a company's profits

question

custom duties

answer

taxes on foreign imported goods

question

supply chain

answer

the group of firms that make and deliver a given set of goods and services

question

competition

answer

the struggle among producers for the dollars of consumers

Order an Essay Now & Get These Features For Free:

Place an Order