Economics Test Unit IV

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Author:
kellyd
ID:
116794
Filename:
Economics Test Unit IV
Updated:
2011-11-14 19:00:17
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Economics
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Description:
Econ test #4
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  1. Liability Insurance
    • 3rd party protection
    • Comparitive Neglegence (20% responsible, pay 20% of damages
    • Must be at least 50% responsible before insurance pays
  2. Liability: P.D.
    • Property Damage
    • $15,000 minimum
  3. Liability: B.I.
    • Bodily Injury
    • $25,000 minimum
  4. Collision Coverage
    1st party
  5. Comp. (H)
    • Non-Collision (ex. hail)
    • S.C. - Don't have to pay deductable
  6. Credentials
    • Education
    • Awards
    • Licence
    • Certification
  7. Ceiling
    • Maximum amount a consumer must pay
    • Helps consumers and demanders
    • Section 8 - Required rent ceiling
  8. Floor
    • Minimum amount the seller must recieve
    • Helps seller
    • (ex. Wage, milk)
  9. Equilibrium
    Supply and demand are equal and balanced
  10. Collective Bargaining: Mediation
    • Suggestion
    • Non-binding
  11. Collective Bargaining: Arbitration
    • Mandated to go by solution
    • Binding on both sides
  12. Unions: Exclusive
    • Exclusive workers
    • Control supply of workers
    • Drive price up
  13. Unions: Inclusive
    Includes everyone
  14. Homeowners Insurance
    • Liability (ex. 3rd person injured on your property)
    • Dwelling (structure without belongings)
    • Flood (seperate wind insurance)
    • Wind Pool (State sponsored insurance, capped)
    • Contents (belongings)
    • Rider (Guns, jewlery, artwork)
  15. Marginal Analysis
    Deciding if the benifit outweighs the cost
  16. Jeremy Bentham
    Utilitarianism - Utility based on cost/benifit analysis
  17. Utility
    Time - Market work, non market work, leisure
  18. Sales Tax
    • State Tax on items you buy
    • Local areas can add tax onto base tax
    • Ex. Downtown Charleston
  19. Regressive Tax
    • When taxes effect the poor more than the rich
    • Sales tax
    • Disproportionately taxes the poor
    • Some states: no tax on necessities to solve problem
  20. Progressive Tax
    • Income tax
    • Rate increases as income increases
  21. Property Tax
    • State tax
    • Car, Boat, House, Land
  22. Income Tax
    • National tax
    • Rate increases as income increases
  23. W-2 Form
    MUST fill out before doing taxes.
  24. GDP
    • Gross Domestic Product
    • Dollar value of all final goods and services producd within the borders of the US in one year.
  25. GNP
    • Gross National Product
    • Income of US citizens working anywhere in the world in one year.
  26. CPI
    • Consumer Price Index
    • Dollar value of 100+ common market items
    • Also called Market Basket Analysis
    • Indicates general cost of living
  27. GPI
    • Genuine Progress Indicator
    • Income distribution
  28. Economic Gains
    • Crime
    • Divorce
    • Natural Disaster
    • Pollution
  29. Employee Knowlege
    • What you have to offer (abilities)
    • Work ethic
    • Intent, motivation
    • Agenda
  30. Employer Knowlege
    • Cradentials
    • Interview
    • Background Check (criminal, credit score, drug)
    • Audition
  31. Public:
    • Non - Rival
    • Non - Exclusive
  32. Quasi - Public:
    • Non - Rival
    • Controlled Access
  33. Open Access:
    • Non - Exclusive
    • Rival
    • Ex. Library, public bus
  34. Rational Ignorance
    Chose to be uninformed because the cost outweighs the benifit
  35. Concentrated Benifit, Widespread cost
    • dairy/farm subsidies
    • Log Rolling
  36. Concentrated benifit, concentrated cost
    Unions
  37. Widespread benifit, widespread cost
    • Tort Reform
    • Tort - Amount of damage needed to reach before being allowed to sue.

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