Economics

a situation in which the government’s revenue exceeds its expenditures

• Budget surplus
• Government surplus
• Balanced budget
• Budget deficit

an obstacle that prevents competition from entering the market

• Market saturation
• Price competition
• Consumer preference
• Barrier to entry

negotiations between an employer and representatives of the employees

• employee contracts
• individual negotiations
• collective bargaining
• workplace agreements

a situation in which the government’s expenditures exceed its revenue

• Fiscal balance
• Budget surplus
• Budget deficit
• Government savings

using limited resources to maximize production of goods and services

• efficiency

• demand

• export

• price ceiling

a tax imposed on imported goods

• import tax
• sales tax
• excise duty
• tariff

a depiction of a change in the supply of goods in relation to a change in the price of goods

• Demand curve

• Supply curve

• Supply increase

• Price elasticity

an act passed in 1890 that prohibits business practices that restrict competition or lead to monopolization

• Clayton Antitrust Act
• Federal Trade Commission Act
• Sherman Antitrust Act
• Robinson-Patman Act

a graph showing the total possible amount of goods and services that can be produced with limited available resources

• Production Possibility Frontier (PPF)
• Market Equilibrium
• Demand Curve
• Supply Curve

the quantity of goods or services consumers are willing to purchase at a given price

• supply
• price elasticity
• market equilibrium
• Quantity demand