Econ Final

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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


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