Econ Final
What are the main factors that have led to women earning less than men?
Having a baby, maternity leave,
Who are the true owners of a public corporation?
Stockholders
What is the purpose of business incubators?
To help start and grow businesses
What does seniority mean for union workers?
Union seniority describes the length of time that a particular worker has been a union member working in a union job
What is Medicare?
federal insurance program for elderly persons or persons with permanent disabilities
What is a finance company?
firm that makes loans directly to consumers and specializes in buying installment contracts from merchants who sell on credit
What is the market theory of wage determination?
the supply and demand for a worker's skills and services determine the wage or salary
What is the document called that forms a corporation?
Articles of incorporation
What is the difference between a bull market and a bear market?
Bulls are generally powered by economic strength, whereas bear markets often occur in periods of economic slowdown and higher unemployment.
What is economic equity?
Fair distribution of wealth e.g minimum wage
What is a limited partnership?
A limited partnership is when two or more partners go into business together, with the limited partners only liable up to the amount of their investment.
What is the difference between the capital market and the money market
Capital is any investment over a year, money is an investment under a year.
What is a vertical merger?
Companies operating at different but related levels of an industry merge
What is a consumer cooperative?
Consumers who form a voluntary association to buy in bulk at lower prices
What is a horizontal merger?
Firms that make and sell similar products to the same customers merge
What was the Ludlow Massacre?
Miners in Southern Colorado went on strike and one of the guards murdered one of the strikers. National Guardsmen burned tents and killed men and women.
What is a positive example of government regulations ?
No child labor
What you buy insurance, what is the fee youpay called
Premium
What is a producer cooperative?
Producer cooperatives are owned by people who produce similar types of goods or services
After intergovernmental revenue, where do local governments get most of their money from?
Property tax
What are the roles of the US government in the economy?
Regulating
What is a Value Added Tax? (VAT)
Tax on the value added at each stage of production
What is inflation?
a general increase in prices and fall in the purchasing value of money.
What is a natural monopoly?
a market that runs most efficiently when one large firm supplies all of the output e.g. DWP
What is a sin tax?
a tax on items considered undesirable or harmful, such as alcohol or tobacco.
What is an Excise Tax?
a tax on the production or sale of specific goods or services
What is Social Security?
any government system that provides monetary assistance to people with an inadequate or no income.
What does consumer sovereignty mean?
consumers determine what products will be produced
What is the signaling theory of wage determination?
employers are willing to pay more for people with certificates, diplomas, degrees, and other indicators or "signals" of superior ability
What is intergovernmental revenue?
funds that one level of government receives from another level of government
What is the main source of revenue for the federal government?
individual income taxes
What are the four factors of production?
land, labor, capital, entrepreneurship
What is the minimum wage?
lowest legal wage that can be paid to most workers
What is a regressive tax?
percentage of income paid in taxes decreases as income increases
How is a country's GDP determined?
private consumption + gross private investment + government investment + government spending + (exports - imports)
Taft-Hartley Act
prohibits certain union practices and requires disclosure of certain financial and political activities by unions.
What are the 3 parts of a bond?
the face value—also called par value—a coupon rate, and a stated maturity date
What are the non-competing labor grades?
unskilled, semi skilled, skilled, professional
How does collective bargaining work?
when both sides come to an agreement
