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chapter 23
terms
Question | Answer |
---|---|
private goods | goods only used by one person |
public goods | goods that may be used by more than one person |
externality | unintended side effect of a action that affects someone not involved |
monopoly | sole provider of goods |
antitrust laws | laws to control monopoly power |
MERGER | combo of two or more companies combined |
natural monopoly | cost of production minimized |
recall | product taken off marker to make safer |
real GDP | economic production after distortions of price increase have been removed |
business cycle | growth and decline of economy |
civilian labor force | people working |
unemployment rate | percent of jobless people |
fiscal policy | change in government spending or tax policies |
inflation | rise in price |
consumer price index CPI | popular measure of price |
food stamps | food for low income houses |
women infants and children WIC | helps with nutrition and health care to low income women |
workfare | welfare people exchange some labor in exchange for benefits |
progressive income tax | tax is lower for poor higher for rich |
earned income tax credit EITC | gives tax credit and cash to qualified workers |