Unit 13 Vocab

Definition of Monopoly:

• A market with many competitors selling goods or services

• A market with a single producer sells all of a certain good or service

• A market with monopolistic competition selling goods or services

• A perfectly competitive market selling goods or services

Comparative Advantage is defined as:

• The ability of a producer to make a good at a lower cost than another producer

• The ability of an economy to produce more goods using fewer resource inputs than another economy.

• The ability to trade goods with another country regardless of production costs.

• The measure of the total output of an economy.

Global Trade is defined as the exchange of goods and services between countries.

• The exchange of goods and services between countries.

• Domestic trade restricted to one country.

• Barter exchange without currency.

• Trade limited to digital products only.

Definition of Export:

• To send a good out of a country to be sold

• To bring a good into a country to be sold

• To transport goods within a country

• To manufacture goods

Definition of Import:

• To send a good out of a country to be sold

• To bring a good into a country to be sold

• To transport goods within a country

• To manufacture goods

What is the definition of Public Good?

• Goods that are provided by the government

• Shared goods or services provided by the government

• Goods available only to a select few

• Goods that are consumed on an individual basis

The definition of Income Tax is-

• A tax on imposed people's earnings

• A tax imposed on goods and services.

• A tax imposed on property ownership.

• A tax imposed on sales transactions.

Sales Tax is defined as:

• A tax on the sale of goods and services at the point of sale.

• A charge levied on income earned by individuals.

• A fee for government service.

• A subsidy provided to small businesses.

Property Tax is defined as:

• A tax levied on property ownership.

• A tax on personal income.

• A tax on sales of goods and services.

• A fee for obtaining licenses.

Federal Reserve is the central bank of the United States.

• It is the central bank of the United States.

• It is a private business organization.

• It is a state bank for local branches.

• It is a financial regulatory agency.