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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.
MONOPOLY A sole provider of a good or service.
ANTITRUST LAW Laws to control monopoly power and to preserve and promote competition.
MERGER A combination of two or more companies to form a single business.
NATURAL MONOPOLY A market sutuation in which the costs of production are minimized, 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 percentage of people in the civilian labor force whos 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(CPI) 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 provide help for nutrition and health care to low-income women, infants, and children up to age.
WORKFARE A term used to describe programs that require welfare recipients to exchange some of their labor in exchange for benefits.
PROGRESSIVE INCOME TAX Means that the tax rate is lower at lower incomes and higher for higher incomes.
EARNED INCOME TAX CREDIT (EITC) Gives tax credits and even cash payments to qualified workers.
Created by: ILIANAE