The maximum output an economy can produce with the current level of available resources.

The condition of relatively high inflation and relatively high unemployment occurring simultaneously.

The amount of money that an employer withholds from an employee's paycheck. This money is deposited for the government on behalf of the individual taxpayer. (It will be credited against the emplo [..]

Desires that can be satisfied by consuming goods and services.

The effect on consumer spending caused by a change in the aggregate price level on the purchasing power of the consumers' assets.

The maximum amount that a buyer will pay for a good or service.

Income earned for providing human resources (labor) in the market. Wages are usually computed by multiplying an hourly pay rate by the number of hours worked.

A summary of a person's earnings and tax withholdings for an entire year. Employers must provide a W-2 to employees by the end of January for the previous year's employment to report annual [..]

A form completed by the employee and used by the employer to determine the amount of income tax to withhold.

The unexpected and unplanned results of a decision or action.