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civics chapter 23

Content Vocab. chapter 23

QuestionAnswer
private good good used by one person and cant be used for another
public good goods that can be consumed by one person that can be consumed by others as well
externality the unintended side-effect of an action that affects someone not involved in the action
monopoly a sole provider of a good or services
antitrust laws laws to control monopoly power
merger a combination of two or more companies to form a single business
natural monopoly a market situation in which the costs of production are minimized
recall a company pulls a product off the market
real gdp shows an economy's production after the distortions of price increases have been removed.
business cycle alternating intervals of growth and decline
civilian labor force all civilians 16 years or older who are either working oir looking for work
fiscal policy changes in government spending or tax policies
inflation a sustained increase in the general level of prices
CPI a popular measure of the price level
food stamps a welfare program to alleviate hunger and malnutrition
WIC provides help with nutrition and health care to families with low income and small children
workfare exchange of labor for benefits for welfare recipients
progressive income tax the tax rate is lower at lower incomes and higher for higher incomes
earned income tax credit giving tax credits and cash payments to qualified workers
Created by: keyontamcdougald