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Ch 3 US Sectors
Spalding Academy 10th Econ
| Question | Answer |
|---|---|
| Laws that prohibit anticompetitive behavior and promote competition in markets where competition is desireable | antitrust laws |
| The federal government's use of taxing and public spending to influence the national economy | Fiscal policy |
| A business unit or enterprise formed by a profit-seeking entrepreneur who combines resources to produce goods and services | Firm |
| The most important economic decision maker, consisting of all those who live under one roof. | Household |
| A good with 2 features: the amount consumed by one person is unavailable for others and non payers can easily be excluded | Private good |
| Development of large-scale production under one roof during the 18th century | Industrial Revolution |
| The satisfaction from consumption; sense of well-being | utility |
| By-products of production or consumption that impose costs on 3rd parties, neither buyers or sellers | Negative externalities |
| Cash transfers for retirees, the unemployed, and others with a work history and a record of contributions to the program | Social insurance |
| A good that, once produced, is available for all to consume, but the producer cannot easily exclude nonpayers | Public good |
| the middle income when a group of incomes is ranked from lowest to highest | Median income |
| A good that, once produced, is available to all, but non payers are easily excluded | Quasi-public good |
| Legal claim that guarantees an owner the right to use a resource to to charge others for its use | Private property rights |
| A good that is rival in consumption but exclusion is costly | Open access good |
| By products of consumption or production that benefit 3rd parties, neither buyers or sellers | Positive externalities |
| Government programs that provide money and in-kind assistance to poor people | Income-assistance programs |
| The central bank's attempt to control the money supply to influence the national economy | Monetary policy |
| One firm that can serve the entire market at a lower per-unit cost than can 2+ firms | Natural monopoly |
| Explain why there is a close correlation between people’s marital status and the incidence of poverty. How might a trend toward more or fewer couples getting and staying married affect the rate of poverty in our country? | Single females with children have less time and less opportunity to obtain a well-paying job. Rise. |
| Fiscal and monetary policies both are used to help stabilize the business cycle. How do the approaches of these policies differ? | Fiscal: Uses taxing/spending to even out business cycles. Monetary: tries to supply appropriate amount of money for the current econ situation |
| Compare and contrast social insurance programs (Social Security and Medicare) and income-assistance programs (welfare) programs). | Social insurance: federal $ to retired, disabled, temporarily unemployed. Must have work history. Income Assistance: based on household income, 2/3 fed funded, in kind and cash |
Created by:
rejoyce431
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