-
Liability Insurance
- 3rd party protection
- Comparitive Neglegence (20% responsible, pay 20% of damages
- Must be at least 50% responsible before insurance pays
-
Liability: P.D.
- Property Damage
- $15,000 minimum
-
Liability: B.I.
- Bodily Injury
- $25,000 minimum
-
Collision Coverage
1st party
-
Comp. (H)
- Non-Collision (ex. hail)
- S.C. - Don't have to pay deductable
-
Credentials
- Education
- Awards
- Licence
- Certification
-
Ceiling
- Maximum amount a consumer must pay
- Helps consumers and demanders
- Section 8 - Required rent ceiling
-
Floor
- Minimum amount the seller must recieve
- Helps seller
- (ex. Wage, milk)
-
Equilibrium
Supply and demand are equal and balanced
-
Collective Bargaining: Mediation
-
Collective Bargaining: Arbitration
- Mandated to go by solution
- Binding on both sides
-
Unions: Exclusive
- Exclusive workers
- Control supply of workers
- Drive price up
-
Unions: Inclusive
Includes everyone
-
Homeowners Insurance
- Liability (ex. 3rd person injured on your property)
- Dwelling (structure without belongings)
- Flood (seperate wind insurance)
- Wind Pool (State sponsored insurance, capped)
- Contents (belongings)
- Rider (Guns, jewlery, artwork)
-
Marginal Analysis
Deciding if the benifit outweighs the cost
-
Jeremy Bentham
Utilitarianism - Utility based on cost/benifit analysis
-
Utility
Time - Market work, non market work, leisure
-
Sales Tax
- State Tax on items you buy
- Local areas can add tax onto base tax
- Ex. Downtown Charleston
-
Regressive Tax
- When taxes effect the poor more than the rich
- Sales tax
- Disproportionately taxes the poor
- Some states: no tax on necessities to solve problem
-
Progressive Tax
- Income tax
- Rate increases as income increases
-
Property Tax
- State tax
- Car, Boat, House, Land
-
Income Tax
- National tax
- Rate increases as income increases
-
W-2 Form
MUST fill out before doing taxes.
-
GDP
- Gross Domestic Product
- Dollar value of all final goods and services producd within the borders of the US in one year.
-
GNP
- Gross National Product
- Income of US citizens working anywhere in the world in one year.
-
CPI
- Consumer Price Index
- Dollar value of 100+ common market items
- Also called Market Basket Analysis
- Indicates general cost of living
-
GPI
- Genuine Progress Indicator
- Income distribution
-
Economic Gains
- Crime
- Divorce
- Natural Disaster
- Pollution
-
Employee Knowlege
- What you have to offer (abilities)
- Work ethic
- Intent, motivation
- Agenda
-
Employer Knowlege
- Cradentials
- Interview
- Background Check (criminal, credit score, drug)
- Audition
-
Public:
- Non - Rival
- Non - Exclusive
-
Quasi - Public:
- Non - Rival
- Controlled Access
-
Open Access:
- Non - Exclusive
- Rival
- Ex. Library, public bus
-
Rational Ignorance
Chose to be uninformed because the cost outweighs the benifit
-
Concentrated Benifit, Widespread cost
- dairy/farm subsidies
- Log Rolling
-
Concentrated benifit, concentrated cost
Unions
-
Widespread benifit, widespread cost
- Tort Reform
- Tort - Amount of damage needed to reach before being allowed to sue.
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