Economics Final Exam Review

a stock or document that represents a claim on the income and property of the borrower; CDs, bonds, Treasury bills, mortgages

productive resources that make up the four categories of land, capital, labor, and entrepreneurship

economic and political system in which factors of production are collectively owned and directed by the state; theoretically classless society in which every one works for the common good

products that increase the use of other products; products related in such a way that an increase in the price of one reduces the demand for both

proportional tax on individual income after a specified threshold has been reached

formal contract to repay borrowed money and interest on the borrowed money at regular future intervals

dollar value of all final goods, services, and structures produced within a country’s national borders during a one-year period

rise in the general level of prices

that portion of a change in quantity demanded caused by a change in a consumer’s real income when the price of a product changes

branch of Treasury Department that collects taxes