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5.04 Key Terms

TermDefinition
Disposable Income: The amount of money people have to spend, or dispose of, after they have paid their taxes; also called discretionary income
FCC: A government agency that regulates interstate and international communications by radio, television, wire, satellite, and cable
FTC: A government regulatory agency that administers and enforces antitrust laws to prevent price fixing and to prohibit unfair competitive practices
Fiscal Policy: The government policy that sets levels of government spending and taxation
FDA: The regulatory agency established by the federal government to enforce laws that protect consumers’ health
Licensing: Issuing a government permit that allows an individual or a business to function in the marketplace
Monetary Policy: The government policy that determines the amount of money that will be in circulation and the level of interest rates
Monopoly: A condition in which a market is controlled by one supplier with no substitute goods or services readily available
Natural Monopoly: A single business that influences the entire production of a particular good or service because it is in the best interests of the public for the business to do so
OSHA: A federal government agency that writes and enforces safety and health standards for businesses
Price Piscrimination: An illegal activity in which a business charges different customers different prices for similar amounts and types of products
Price Supports: Assistance by government in maintaining the price of a good or service to enable the producers to earn a profit
Private Enterprise System: An economic system in which individuals and groups, rather than government, own or control the means of production; also known as free market economy, private profit system, market system, capitalistic system, or free enterprise system
Private Sector: That part of the economy that is owned and controlled by individuals and/or businesses
Public Goods: Goods and services that are used by all people and cannot be withheld from people who don't help to pay for them
Public Sector: That part of the economy that is owned and operated by government at all levels, e.g., schools, libraries, highway systems
Subsidy: Government financial help given to a business
Tariff: A tax on imported goods; also called duty
Created by: drakon0130
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