JA Chp. 9-12
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| Ability-to-pay principle | A principle stating that government should tax people in proportion to their ability to pay the tax.
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| Average fixed costs | Total fixed costs divided by quantity produced.
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| Average total costs | The sum of average fixed and average variable costs.
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| Average variable costs | Total variable costs divided by quantity produced.
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| Benefits-received principle | A principle stating that government should tax people in proportion to the benefits they receive from a government good or service.
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| Break-even point | The point of production at which income from sales equals total fixed and total variable costs.
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| Collective bargaining | A process by which union and company representatives meet to negotiate a new labor contract.
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| Collusion | An agreement in which companies restrict production to raise prices and profits.
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| Concentration ratio | The percentage of an industry’s sales accounted for by its four largest firms.
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| Conglomerate merger | The combination of two or more unrelated companies under a single management.
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| Derived demand | Demand for a resource, such as labor, based on the demand for the goods and services that the resource produces.
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| Economies of scale | Reductions in cost resulting from large-scale production.
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| Externality | An economic side effect of producing or consuming a good or service that generates benefits to someone other than the person who decides how much to produce or consume.
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| FICA | An acronym that stands for Federal Insurance Contributions Act, which directs the taxes people pay for Social Security and Medicare.
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| Fiscal year | A 12-month period that can begin on any date. The U.S. federal government’s starts October 1 and ends September 30 of the following year.
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| Fixed costs | Costs that remain the same regardless of the amount of product a firm produces.
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| GDP deflator | A price index that reduces the current gross domestic product prices into prices of a base year.
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| Grievance | A formal complaint made by a union when it feels one or a class of its members have been treated inappropriately under the terms of a contract.
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| Gross Domestic Product (GDP) | The final value of all goods and services produced within a country in a year.
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| Horizontal merger | The combination of two or more companies engaged in the same business.
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| Injunction | A court order to keep a union from striking and picketing.
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| Job discrimination | The practice of favoring one person over another for reasons that have nothing to do with ability to perform a job.
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| Joint venture | Two companies that keep their independence while cooperating on a particular project.
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| Labor force | All the people not in institutions who are 16 years of age or older and who are currently employed or who are unemployed and looking for work.
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| Labor productivity | The amount of goods and services the work force can produce during a given time period-an hour, a week, a month, or a year.
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| Labor union | An association of workers that seeks to improve its members wages, working conditions, and benefits.
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| Law of diminishing marginal returns | An economic principle which holds that as more and more variable resources are added to a fixed amount of other resources, the additional amount produced eventually decreases.
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| Lockout | The closing down of a business to pressure a union into accepting employment conditions.
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| Marginal analysis | Decision making that involves comparing marginal benefits and marginal costs.
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| Marginal revenue | The additional revenue generated from the sale of an additional quantity of the product.
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| Market structure | A set of conditions that describes characteristics of a market in which a business firm competes. The characteristics are the number of firms, differentiation of products, control over prices, and barriers to entering the marketing.
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| Marketing | In economics, everything that takes place in a company between product production and purchase.
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| Merger | The purchase of one business by another business. The term buyout is sometimes used instead.
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| Monopolistic competition | A market structure with many firms that offer similar but not identical products.
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| National debt | The cumulative sum of all federal government borrowing used to finance annual deficits.
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| Nominal GDP | Gross domestic product reported in current prices.
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| Oligopoly | A market structure in which a few large firms supply most or all products in a market.
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| Perfect competition | A market structure in which a large number of firms all produce the same product at the same price.
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| Picketing | The act of employees carrying signs that call attention to a labor strike with the goal of arousing public sympathy.
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| Predatory pricing | Selling a product below its cost with the goal to drive competitors out of business.
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| Price-fixing | An action in which all businesses in a market agree to charge the same or similar prices.
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| Productivity | The output of goods and services measured per unit of input by labor, capital, or land.
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| Profit maximization | The objective of the firm; it occurs when the firm produces the quantity for which MR = MC.
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| Progressive tax | A tax that takes a higher proportion of income from higher income earners than from lower income earners.
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| Proportional tax | A tax for which the percentage of income paid in taxes is the same for all income levels.
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| Public good | Something that, once provided, is available to anyone without additional cost.
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| Public sector | The part of the economy that involves the transactions of government.
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| Pure monopoly | A market structure with only one seller in the market.
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| Real GDP | Gross domestic product adjusted for inflation.
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| Real per capita GDP | Real gross domestic product divided by a country’s population.
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| Regressive tax | A tax for which the percentage of income paid in taxes decreases as income increases.
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| Seniority | A worker’s length of service with an employer.
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| Strike | A withholding of labor services by a union.
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| Total costs | The sum of total fixed costs and total variable costs.
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| Total revenue | A calculation of revenue that is determined by price times the quantity of units sold.
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| Union shop | A factory, business, or agency operating under a contract in which non-union members can be hired but only on the condition that they join the union after they are hired.
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| Variable costs | Costs that change with the changing amounts of production.
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| Vertical merger | The combination of two or more companies involved in different steps of a production process.
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