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chapter 23


private goods goods only used by one person
public goods goods that may be used by more than one person
externality unintended side effect of a action that affects someone not involved
monopoly sole provider of goods
antitrust laws laws to control monopoly power
MERGER combo of two or more companies combined
natural monopoly cost of production minimized
recall product taken off marker to make safer
real GDP economic production after distortions of price increase have been removed
business cycle growth and decline of economy
civilian labor force people working
unemployment rate percent of jobless people
fiscal policy change in government spending or tax policies
inflation rise in price
consumer price index CPI popular measure of price
food stamps food for low income houses
women infants and children WIC helps with nutrition and health care to low income women
workfare welfare people exchange some labor in exchange for benefits
progressive income tax tax is lower for poor higher for rich
earned income tax credit EITC gives tax credit and cash to qualified workers
Created by: jordanlofton