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traditional economies, command economies, market economies, and mixed economies.

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Monopolistic Competition- many different companies competing against each other in an open market.

Non Price Competition- Company's compete by attraction customers through style,service, or location(not with lower prices

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Money is anything that serves as a replacement of exchange. (needs a store value)

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GDP stands for Gross Domestic Product which is the value of all goods and services that were produced in a country's borders in one fiscal period

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High rates of underemployment and unemployed

High Inflation- things are generally more expensive

High tariffs- making international products more expensive for the average consumer to buy

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Taxation- The primary way the government collects money to fund various different projects

The 16th amendment gives Congress the power to levy an income tax

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A policy that helps banks promote sustainable growth by controlling the overall supply of money that is available to the nations banks, business's, and consumers

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Tax Base- is the income,service,property, or good that has to be a taxed

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The federal government use of taxing and spending to keep the economy stable (the federal government prepares a new budget each fiscal year)

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Regressive taxes- are taxes for which the percentage of income taxed decreases as income increases

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Progressive taxes- taxes for which the percent of income taxed increases as income increases

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Proportional taxes- tax for which the percentage of income pain in taxes remains the same for all income levels

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Federal taxes must be the same in each state, taxes must go to the general welfare and common defense

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Government spending can help increase or decrease the output of the economy

Expansionary policies- increase output

Contractionary polices- decrease output

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Difficulty changing spending levels- Changes in government spending must come from discretionary spending

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Economists often disagree with each other on what's best for the economy

Voters can change the fiscal policy such as hikes and tax cuts

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Does not include things you do your self

Black Market is not included

Informal transactions- not included (cash transitions to a friend and not to a business)

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Oligopoly- is when a market is being dominated by a small group of people controlling the market

Perfect Competition- is when multiple company's sell the same products and the same price

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Traditional economies- is when customs and traditions are more important then money

Command economies- economy in which production, investment, prices, and incomes are determined centrally by a government.

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Market economies- direct production of goods and services

Mixed economies- that accepts both private businesses and nationalized government services, like public utilities, safety, military, welfare, and education