| A | B |
|---|
| FDA | Food and Drug Administration |
| FTC | Federal Trade Commission |
| EPA | Environmental Protection Agency |
| FAA | Federal Aviation Administration |
| geographic monopoly | where a firm has a monopoly because of its location or small market size |
| oligopoly | market where a few sellers dominate; form of imperfect competition |
| price-fixing | agreement by firms to charge a uniform price |
| monopoly | market with single producer; form of imperfect competition |
| perfect competition | market with a large number of well-informed buyers and sellers who exchange identical products |
| imperfect competition | market where all conditions of pure competition are not met |
| FICA | Social Security Tax |
| progressive tax | tax where percentage of income paid in taxes rises as level of income rises |
| proportional tax | tax in which percentage of income paid in tax is the same regardless of the level of income |
| regressive tax | tax where percentage of income paid in tax goes down as income rises |
| transfer payment | payment for which the government receives neither goods nor services in return |
| government purchases | where government buys goods or services |
| deficit spending | annual government spending in excess of taxes and other revenues |
| federal budget | annual plan outlining proposed expenditures and anticipated revenues |
| discretionary spending | spending for federal programs that must receive annual authorization |
| federal debt | total amount of money the federal government has borrowed from others |
