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Economics 2
| Term | Definition |
|---|---|
| 5th and 14th ammendments | protect property |
| eminent domain | right of government to take away property use |
| profit motive | force that encourages people and organizations to improve their material well-being |
| open opportunity | everyone can compete in the marketplace |
| legal equality | concept of giving everyone the same legal rights |
| free contract | people can decide what agreements to enter into |
| voluntary exchange | people can decide what and when they want to buy and sell |
| 140 million jobs earning almost $10 trillion per year | how many jobs do we have in America, and how much do we earn a year |
| macroeconomics | study of the economic behavior and decision making of entire economics |
| microeconomics | study of the economic behavior and decision making of small units (individuals, businesses, etc) |
| business cycle | period of macroeconomics expansion followed by a period of decline |
| months/years | how long can a business cycle last? |
| 4-6% | desirable unemployment rate |
| GDP (Gross Domestic Product) | total value of all final goods and services produced in a particular economy |
| work ethic | commitment to the value of work and purposeful activity |
| technology | process used to produce a good or service |
| obsolete | no longer used or out of date |
| public goods | a shared good/service for which it would be impractical to make consumers pay individually and to exclude nonpayers |
| public sector | part of economy that involves transactions of the government |
| private sector | part of economy that involves the transactions of individuals and businesses |
| free-rider | someone who would choose not to pay for a good/service but still get benefits of it |
| market failure | situation in which the market does not distribute resources efficiently |
| externality | economic side effect of a good/service that generates benefits or costs to someone other than the person deciding how much to produce or consume |
| requires companies to provide full information about their product | purpose of public disclosure laws |
| government agencies | FDA, FCA, EPA |
| poverty threshold | income level below which income is insufficient to support families |
| welfare | government aide to the poor |
| cash tenders | direct money payments to poor, disabled, and retired |
| social security | pays money to the retired and/or disabled |
| in-kind benefits | goods/services provided for free or greatly reduced prices |
| medicare and medicaid | medical benefits |
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pace_sauce
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