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Unit 2 Markets

Horizontales
economic system entirely controlled by a small group of ruling elites in government
A measure of output per unit of input
taxation where those earning higher incomes pay a higher tax rate than those with lower incomes
Required payments from individuals and businesses made to a government to pay for public goods and services
exclusive legal right to sell, reproduce, or distribute a written or artistic work
A legal right to exclusively make, use, or sell an invention for a set amount of time
difference between quantity supplied and quantity demanded when the actual price is higher than the market-clearing price
Sensitive to changes in price or income
A payment made or income received in which no goods or services are being paid for
aspects of the economy that are owned, managed, or provided to the general population by government
Sellers in a market agree to tactics, such as restricting production and raising prices, in order to profit
A good or service sold to a buyer in another country
market structure in which a few large firms supply most or all products in a market
positive difference between quantity demanded and quantity supplied when the actual price is lower than the market-clearing price
Verticales
aspects of the economy that are owned, managed, or provided to the market by individuals or businesses
economic system in which decisions about production and consumption are driven in part by supply and demand
Amounts of a particular good or service consumers are willing and able to buy at different prices at a particular time
Not sensitive to changes in price or income
tax for which the percentage of income paid in taxes is the same for all income levels
individual’s or business’s use of their time, money, and resources to obtain economic gain from lobbying the government for benefits
taxation where those with lower incomes pay a higher tax rate than those with higher incomes
A good or service bought from a seller in another country
Quantities of a good or service that producers are willing and able to sell at different prices at a particular time