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chap 23

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
private goods   good that when consumed by on individual cannot be consumed by another  
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public good   economic goods that are consumed collectively such as highways and natural defenses  
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externality   the unintended side effects of an action that affects someone not involved in the action  
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monopoly   when the market creates a sole provider for good and services  
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antitrust law   legislation to prevent new monopolies from forming and police those that already exist  
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merge   a combination of two or more companies to form a single business  
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natural monopoly   a market situation in which the cost of productions are minimized by having a single from of produce the product  
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real GDP   another adjustments for inflation  
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business cycle   alternating periods of all growth and decline that the economy goes through .  
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civilian labor force   all civilians 16 years or older who either working or looking for work  
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unemployment rate   the percentage of people in the civilian labor force who are not working but looking for jobs  
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food stamps   government coupons that can be used to purchase food  
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fiscal policy   the federal government use of spending and taxation polices in affect overall business  
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inflation   sustained increase in the general level of prices  
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consumer price index   measure in change of price over time of specific groups of good and services  
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women infant and children   a program that provides help for nutrition and health care to low income women infants and children up to age 5  
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workfare   programs that require welfare recipients to exchange some of their labor to return for benefits  
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progressive income taxes   a tax that takes a lager percentage of a higher incomes  
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earned income tax credit   a program Agatha gives credit an even cash payments to the qualified works  
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recall   a special election in which citizens can vote to remove a public office. situation in which a company pulls a product off the market and agrees to change it to make it safe  
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Created by: somonnemclean
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