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civics chapter 23

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.
Created by: cierreadouglas