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Economics
Economics Chapter Three
| Question | Answer |
|---|---|
| profit motive | the incentive that drives individuals and business owners to improve their material well-being |
| open opportunity | the principle that anyone can compete in the marketplace |
| legal equality | the principle that everyone has the same legal rights |
| private property rights | the principle that people have the right to control their possessions and use them as they wish |
| free contract | the principle that people may decide what agreements they want to enter into |
| voluntary exchange | the principle that people may decide what, when, and how they want to buy and sell. |
| interest group | a private organization that tries to persuade public officials to act in ways that benefit its members |
| patriotism | love of one's country |
| eminent domain | the right of a government to take private property for public use |
| public interest | the concerns of society as a whole |
| public disclosure laws | laws requiring companies to provide information about their products or services |
| macroeconomics | the study of economic behavior and decision-making in a nation's whole economy |
| microeconomics | the study of the economic behavior and decision-making in small units, such as households and firms |
| gross domestic product | the total value of all final goods and services produced in a country in a given year |
| business cycle | a period of macroeconomic expansion, or growth, followed by one of contraction, or decline |
| referendum | a proposed law submitted directly to the public |
| obsolescence | situation in which older products and processes become out-of-date |
| patent | a government license that gives the inventor of a new product the exclusive right to produce and sell it |
| copyright | a government license that grants an author exclusive rights to publish and sell creative works |
| work ethic | a commitment to the value of work |
| public good | a shared good or service for which it would be inefficient or impractical to make consumers pay individually and to exclude those who did not pay |
| public sector | the part of the economy that involves the transactions of the government |
| private sector | the part of the economy that involves the transactions of individuals and businesses |
| infrastructure | the basic facilities that are necessary for a society to function and grow |
| free rider | someone who would not be willing 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 |
| externality | an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume |
| market failure | a situation in which the free market, operating on its own, does not distribute resources efficiently |
| poverty threshold | an income level below that which is needed to support families or households |
| welfare | government aid to the poor |
| cash transfers | direct payments of money by government to poor, disabled, or retired people |
| in-kind benefits | goods and services provided for free or greatly reduced prices |
| grant | a financial award given by a government agency to a private individual or group in order to carry out a specific task |
Created by:
sabrina.kizy
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