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civics chapter 23
Term | Definition |
---|---|
private good | goods that when consumed by one individual, cannot be consumed by another. |
public good | goods that can be consumed by one person without preventing the consumption of the good by another. |
externality | the unintended side effect of an action that affects someone not involved in the action. |
monopoly | a sole provider of a good or service |
antruitrust law | laws to control monopoly power and to preserve and promote competition. |
merger | a combinations of two or more companies to form a single business, threatens competition, government may step in to prevent it. |
natural monopoly | a market situation in which the costs of production are minimizedd, or lessened,by having a single firm produce the product. |
recall | a company pulls a product off the market or agrees to change it to make it safe. |
real GDP | shows an economy's production after the distortions of price increases have been removed |
business cycle | alternating periods of growth and decline that the economy goes through. |
civilian labor force | all civilians 16 years old or older who are either working or are looking for work |
unemployment rate | the percent of people in the civilian labor force who are not working but are looking for jobs. |
fiscal policy | the federal government's use of spending and taxation policies to affect overall business activity. |
inflation | sustained increase in the general level of prices |
consumer price index | measure of change in price over time of specific group of goods and services |
food stamps | government coupons that can be used to purchase food |
women, infants, and children (WIC) | a program that provides help for nutrition and health care to low-income women, infants, and children up to age 5. |
workfare | programs that require welfare recipients to exchange some of their labor in return for benefits. |
progressive income tax | a tax that takes a larger percentage of higher incomes than lower incomes. |
earned income tax credit(EITC) | a program that gives tax credits and even cash payments to qualified workers. |