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| 9413467922 | Mixed Market System | All modern economies are mixed where the means of production are shared between the private and public sectors. | 0 | |
| 9413467923 | Externalities | A benefit or cost from production or consumption, accruing without compensation to nonbuyers and nonsellers of the product. | 1 | |
| 9413467924 | Marginal Social Costs | Marginal social cost (MSC) is the change in society's total cost brought about by the production of an additional unit of a good or service. It includes both marginal private cost and marginal external cost. | 2 | |
| 9413467925 | Marginal Social Benefits | The net social value of any product, activity or service, expressed as the sum of marginal external benefit and marginal private benefit. | 3 | |
| 9413467926 | Public Goods | A good or service that is characterized by nonrivalry and nonexcludability; a good or a service with these characteristics provided by government. | 4 | |
| 9413467927 | Shared Consumption | An economic model based on sharing, swapping, trading, or renting products and services, enabling access over ownership. | 5 | |
| 9413467928 | Exclusion Principle | The exclusion principle states "the owner of a private good may exclude others from use unless they pay."; it excludes those who are unwilling or unable to pay for the private good but does not apply to public goods that are known to be indivisible. | 6 | |
| 9413467929 | Public Choice Theory | The economic analysis of government decision making, politics, and elections. | 7 | |
| 9413467930 | Transfer Payments | A redistribution of income and wealth made without goods or services being received in return. | 8 | |
| 9413467931 | Personal Income Tax | A tax levied on the taxable income of individuals, households, and unincorporated firms. | 9 | |
| 9413467932 | Lerner Analogy (Index) | The index describes a firm's market power by relating price to marginal cost. When either exact prices or information on the cost structure of the firm are hard to get, the Lerner index uses price elasticity of demand in order to measure market power: the Lerner index is equivalent to the inverse of the elasticity in its absolute value faced by the firm when price is set to maximise profits. Both formulas are equivalent. - L= (P-MC)/ P = 1/E | 10 | |
| 9413467933 | Laffer Curve | A curve relating government tax rates and tax revenues and on which a particular tax rate (between zero and 100 percent) maximizes tax revenues. | 11 | |
| 9413467934 | Lorenz Curve | A graphical representation of wealth distribution developed by American economist Max Lorenz in 1905. On the graph, a straight diagonal line represents perfect equality of wealth distribution; the Lorenz curve lies beneath it, showing the reality of wealth distribution. The difference between the straight line and the curved line is the amount of inequality of wealth distribution, a figure described by the Gini coefficient. | 12 | |
| 9413467935 | Corporate Income Tax | A tax levied on the net income (accounting profit) of corporations. | 13 | |
| 9413467936 | Sales Tax | A tax levied on the cost (at retail) of a broad group of products. | 14 | |
| 9413467937 | Excise Tax | A tax levied on the production of a specific product or on the quantity of the product purchased. | 15 | |
| 9413467938 | Ability-to-Pay Tax Theory | The idea that those who have greater income (or wealth) should pay a greater proportion of it as taxes than those who have less income (or wealth). | 16 | |
| 9413467939 | Benefits Received Tax Theory | The idea that those who received the benefits of goods and services provided by government should pay the taxes required to finance them. | 17 | |
| 9413467940 | Progressive Tax | A tax whose average tax rate increases as the taxpayer's income increases and decreases as the taxpayer's income decreases. | 18 | |
| 9413467941 | Proportional Tax | A tax whose average tax rate remains constant as the taxpayer's income increases or decreases. | 19 | |
| 9413467942 | Regressive Tax | A tax whose average tax rate decreases as the taxpayer's income increases and increases as the as the taxpayer's income decreases. | 20 | |
| 9413467943 | Tax Shifting | Transferring some or all of a tax burden of an entity (such as a subsidiary) to another (such as the parent firm). | 21 | |
| 9413467944 | Tax Incidence | The person or group that ends up paying a tax. | 22 | |
| 9413467945 | Nominal Tax Rate | The amount of money generated by an investment before expenses such as taxes, investment fees, and inflation are factored in. For example, detailed data on a mutual might show a fund's nominal rate of return as 10%, but also show its return after taxes on distributions and sale of fund shares is only 7%. Investors should look beyond an investment's nominal rate of return to get a true idea of what their investment will earn. | 23 | |
| 9413467946 | Effective Tax Rate | The average rate at which an individual or corporation is taxed. The effective tax rate for individuals is the average rate at which their earned income is taxed. The effective tax rate for a corporation is the average rate at which its pre-tax profits are taxed. An individual's effective tax rate is calculated by dividing total tax expense by taxable income. For corporations, the effective tax rate is computed by dividing total tax expenses by the firm's earnings before taxes. The effective tax rate is the net rate a taxpayer pays if all forms of taxes are included and divided by taxable income. | 24 | |
| 9413467947 | Gini Coefficient | A numerical measure of the overall dispersion of income among households, families, or individuals; found graphically by dividing the area between the diagonal line and the Lorenz curve by the entire area below the diagonal line. The number ranges between 0 and 1 and is based on residents' net income. This helps define the gap between the rich and the poor, with 0 representing perfect equality and 1 representing perfect inequality. | 25 | |
| 9413467948 | Adam Smith | An 18th-century philosopher and free-market economist famous for his ideas about the efficiency of the division of labor and the societal benefits of individuals' pursuit of their own self-interest. In his first book, The Theory of Moral Sentiments, Smith proposed the idea of the invisible hand, or the tendency of free markets to regulate themselves by means of competition, supply and demand, and self-interest. Smith is also known for his theory of compensating wage differentials, meaning that dangerous or undesirable jobs will tend to pay higher wages to attract workers to these positions. Smith is famously quoted as saying in his 1776 magnum opus, An Inquiry into the Nature and Causes of the Wealth of Nations, "It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest." Smith's ideas form the foundation of laissez-faire economics. The world's first free-market capitalist and known as The Father of Economics. | 26 | |
| 9413467949 | Thomas Malthus | He was an english cleric, and scholar. He wrote "An essay on Principle of Population" in 1798. He predicted the world population would reach 1 billion in 1804. | 27 | |
| 9413467950 | A.W. Phillips | Economist who found a negative correlation between wage inflation and unemployment. | 28 | |
| 9413467951 | John Maynard Keynes | British economist who argued that for a nation to recovery fully from a depression, the government had to spend money to encourage investment and consumption | 29 | |
| 9413467952 | Paul Volcker | Head of the Federal Reserve hoped to stop inflation by pushing interest rates to 20 percent . hurt auto & building industries. | 30 | |
| 9413467953 | Ben Bernanke | Ben Bernanke is the former chairman of the Federal Reserve. He was appointed by George Bush and re-appointed by Barack Obama. He led the Fed during the Great Recession. His term ended on Jan 31, 2014. | 31 | |
| 9413467954 | Joseph Stiglitz | US professor at Columbia University. Recipient of the Nobel Memorial Prize. Writes about globalization in his book "Globalization and its Discontents" (2002). Known for his critical view of the management of globalization, and of international institutions such as the IMF and World Bank. | 32 | |
| 9413467955 | Peter Orszag | an American banker and economist, and a Vice Chairman of investment banking and Managing Director at Lazard, where he also serves as Global Co-Head of Healthcare. | 33 | |
| 9413467956 | Elinor Ostrom | Proffessor who showed that many commonly held resources can be managed effectively at the community level or by user institutions; self-regulation by resource users can prevent the tragedy of the commons. | 34 | |
| 9413467957 | David Ricardo | "Iron Law of Wages"-wealthy English stockbroker and leading economist-coldly spelled out the pessimistic implications of Malthus's thought-his iron law of wages stated that because of the pressure of pop. growth, wages would always sink to subsistence level. With more food came more children, neverending cycle. | 35 | |
| 9413467958 | Karl Marx | German philosopher, economist, and revolutionary. With the help and support of Friedrich Engels, he wrote The Communist Manifesto (1848) and Das Kapital (1867-1894). These works explain historical development in terms of the interaction of contradictory economic forces, form the basis of all communist theory, and have had a profound influence on the social sciences. | 36 | |
| 9413467959 | John Stuart Mill | Philosopher and economist who led the utilitarian movement in the 1800s; he came to question unregulated Capitalism; he said it was wrong for workers to lead deprived lives; he favored a cooperative system of agriculture and woman's rights, including the right to vote; he wanted government to get rid of large class divisions. | 37 | |
| 9413467960 | Milton Friedman | The economist who is regarded as a leading proponent of the liberal economic perspective; also acknowledged as the most articulate champion of the conservative view. | 38 | |
| 9413467961 | Alan Greenspan | Chairman of the federal reserve board; warned of the "irrational exuberance" with which Americans were pursuing profits in the stock market | 39 | |
| 9413467962 | Christina Romer | Former chair of the White House Council of Economic Advisers under President Obama. | 40 | |
| 9413467963 | Paul Krugman | An American economist who is currently Distinguished Professor of Economics at the Graduate Center of the City University of New York, and a columnist for The New York Times. | 41 | |
| 9413467964 | Larry Summers | An American economist, former Vice President of Development Economics and Chief Economist of the World Bank. | 42 | |
| 9413467965 | Janet Yellen | An American economist. She served as the Chair of the Board of Governors of the Federal Reserve System from 2014-2018, previously serving as Vice Chair from 2010 to 2014. | 43 |
