Taxes

Supply is the quantity of goods and services that producers offer at various possible prices during a given time period. Profit is the key motivation behind suppliers' behavior in providing goods to the marketplace. The supply of goods can be either elastic or inelastic. VIDEO OBJECTIVES - Explain the difference between supply and quantity supplied - Explain what the law of supply states - Explain what supply schedules and supply curves illustrate - Describe supply elasticity

To secure their rights, many U.S. workers organized labor unions. These unions struggled for higher wages, improved working conditions, and job security for workers. Labor union membership has declined in recent years, resulting from several factors. In many ways, unions have tried to face these challenges. In addition, the government's attitude toward unions has changed during the last century - swinging from regular support of business owners in the late 1800s to passing laws to protect workers' rights in the early 1900s. VIDEO OBJECTIVES - Explain why labor unions were developed - Describe how labor unions are organized - Identify the main challenges facing unions today - Examine how government attitudes toward labor unions have changed

Currently, all governments develop budgets to help them plan revenues and the amounts and direction of expenditures. The federal government has full-time executive and legislative offices that work only on the budget, resulting in increased federal spending since World War II. There are several ways in which the federal budget can be balanced. VIDEO OBJECTIVES - Explain how the federal budget is developed - Identify what role deficit spending plays in the economy - Describe the methods the government can use to balance the federal budget

The determinants of supply are the factors other than price can affect supply of a product over time, shifting the supply curve to the left or right. VIDEO OBJECTIVES - Explain what it means for a product's supply to shift - Identify factors that might cause a product's supply curve to shift - Describe the difference between a tax and a subsidy

A more complex type of business organization is the corporation. It is supervised by a board of directors. Legally, a corporation is treated as if it were an individual. It offers both advantages and disadvantages to the business itself and to the individual stockholders. VIDEO OBJECTIVES - Explain how a corporation is formed - Describe how a corporation is organized - Explain how stocks and bonds differ - Describe the advantages and disadvantages of organizing a corporation

Macroeconomists use national income and product accounts (NIPAs) to measure the output and income of national economies. This process is known as national income accounting. The primary account used to measure a nation's output is gross domestic product (GDP), the total dollar value of all final goods and services produced within a given country's borders during one year. VIDEO OBJECTIVES - Determine how economists calculate gross domestic product - Explain some of the limitations of gross domestic product - Identify other statistics economists use to measure the economy

Sole proprietorships is the most common form of business organization. It relies on the work and organizational abilities of one person. VIDEO OBJECTIVES - Describe the advantages of establishing a sole proprietorship - Describe the disadvantages of establishing a sole proprietorship

The federal government uses fiscal policy to influence the economy. All levels of government in the United States must finance their operations through various kinds of taxes. VIDEO OBJECTIVES - Explain the role that taxes play in fiscal policy - Describe the kinds of tax rates that governments use - Identify the most profitable taxes