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Economics
Econ Chapter 3
| Term | Definition |
|---|---|
| Business cycle | a period of macroeconomics expansion followed by a period of contraction |
| cash transfers | direct payments of money to eligible poor people |
| competition | the rivalry among sellers to attract customers while lowering costs |
| externality | an economic side effect of a good pr service that generates benefits or costs to someone other than the person deciding how much to produce or consume |
| free contract | the concept that people may decide what agreements they want to enter into |
| free rider | someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provided as a public good |
| Gross Domestic Product (GDP) | the total value of all goods and services produced in a particular economy |
| in-kind benefits | goods and services provided for free or at greatly reduced prices |
| interest group | a private organization that tried to persuade public officials to act or vote according to group members' interests |
| legal equality | the concept of giving everyone the same legal rights |
| macroeconomics | the study of behavior and decision making of entire economics |
| market failure | a situation in which the market does not distribute resources efficiently |
| microeconomics | the study of the economics behavior and decision making of small units, such as individuals, families, and businesses |
| open opportunity | the concept that everyone can compete in the marketplace |
| poverty threshold | an income level below that which is needed to support families or households |
| private property rights | the concept that people have the right and privilege to control their possessions as they wish |
| private sector | the part of the economy that involves the transactions of individuals and businesses |
| profit motive | the force that encourages people and organizations to improve their material well-being |
| Public Disclosure laws | laws requiring compaies to provide full unformation about their products |
| public good | a shared good or service for which it would be impractical to make consumers pay individually to exclude nonpayer |
| public interest | the concerns of the public as a whole |
| public sector | the part of the economy that involved the transactions of the government |
| technology | the process used to produce a good or service |
| voluntary exchange | the concept that people may decide what and when they want to buy and sell |
| welfare | government aid to the poor |
| work ethic | a commitment to the value of work and purposeful activity |
Created by:
halvy
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