benefits principle
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the idea that people should pay taxes based on the benefits they receive
from government services
Indexation
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, the automatic correction by law or contract of a dollar amount for the
effects of inflation
Ex: Social security is indexed every year to compensate for inflation, as are
federal tax brackets
Crowding Out
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when the govt borrows to finance its budget deficit, it reduces the supply
of loanable funds available to private investors
most favored nation status (MFN)
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agreement to offer a trading partner the lowest tariff rate offered to other
trading partners
*a non-discriminatory trade policy as it ensures equal trading among all
WTO member nations rather than exclusive trading privileges.
explicit costs
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input costs that require an outlay of money by the firm
Ex: wages
,mutual fund
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fund that pools the savings of many individuals and invests this money in a
portfolio of securities (stocks, bonds, and other financial assets)
Net Capital Outflow
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purchases of foreign assets by domestic residents - purchases of domestic
assets by foreign residents
(how much money is leaving the country, how much more we bought from
them than they bought from us)
*when positive, money is flowing out
game theory
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the study of how people behave in strategic situations, when outcome
depends on how others respond
Forest Stewardship Council
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, Group of environmentalists and lumber companies dedicated to protecting
forests.
efficient scale
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level of production with the lowest possible average total
cost (the bottom of the u-shape)
Rivalry in consumption
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when one person's use of the good/service reduce's
another person's ability to enjoy it
Ex: private goods have a high degree of rivalry because
each consumer is competing to purchase one of a finite
supply
Truth in Lending Act (1968)
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the idea that people should pay taxes based on the benefits they receive
from government services
Indexation
Give this one a try later!
, the automatic correction by law or contract of a dollar amount for the
effects of inflation
Ex: Social security is indexed every year to compensate for inflation, as are
federal tax brackets
Crowding Out
Give this one a try later!
when the govt borrows to finance its budget deficit, it reduces the supply
of loanable funds available to private investors
most favored nation status (MFN)
Give this one a try later!
agreement to offer a trading partner the lowest tariff rate offered to other
trading partners
*a non-discriminatory trade policy as it ensures equal trading among all
WTO member nations rather than exclusive trading privileges.
explicit costs
Give this one a try later!
input costs that require an outlay of money by the firm
Ex: wages
,mutual fund
Give this one a try later!
fund that pools the savings of many individuals and invests this money in a
portfolio of securities (stocks, bonds, and other financial assets)
Net Capital Outflow
Give this one a try later!
purchases of foreign assets by domestic residents - purchases of domestic
assets by foreign residents
(how much money is leaving the country, how much more we bought from
them than they bought from us)
*when positive, money is flowing out
game theory
Give this one a try later!
the study of how people behave in strategic situations, when outcome
depends on how others respond
Forest Stewardship Council
Give this one a try later!
, Group of environmentalists and lumber companies dedicated to protecting
forests.
efficient scale
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level of production with the lowest possible average total
cost (the bottom of the u-shape)
Rivalry in consumption
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when one person's use of the good/service reduce's
another person's ability to enjoy it
Ex: private goods have a high degree of rivalry because
each consumer is competing to purchase one of a finite
supply
Truth in Lending Act (1968)
Give this one a try later!
