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chapter 23 vocabular
Civics
| Question | Answer |
|---|---|
| goods that, when consumed by one individual, cannot be consumed by another | Private Good |
| economic goods that are consumed collectively, such as highways and national defense | Public Good |
| the unintended side effect of an action that affects someone not involved in the action | Externality |
| when the market creates a sole provider for a good or service | Monopoly |
| legislation to prevent new monopolies from forming and police those that already exist | Antitrust Law |
| a combination of two or more companies to form a single business | Merger |
| a market situation in which the costs of production are minimized by having a single firm produce the product | Natural Monopoly |
| situation in which a company pulls a product off the market or agrees to change it to make it safe | Recall |
| GDP after adjustments for inflation | Real GDP |
| alternating periods of growth and decline that the economy goes through | Business Cycle |
| all civilians 16 years old or older who are either working or are looking for work | Civilian Labor Force |
| the percentage of people in the civilian labor force who are not working but are looking for jobs | Unemployment Rate |
| the federal government's use of spending and taxation policies to affect overall business activity | Fiscal Policy |
| sustained increase in the general level of prices | Inflation |
| measure of change in price over time of specific group of goods and services | Consumer Price Index (CPI) |
| government coupons that can be used to purchase food | Food Stamps |
| a program that provides help for nutrition and health care to low-income women, infants, and children up to age 5 | Women, Infants, and Children (WIC) |
| programs that require welfare recipients to exchange some of their labor in return for benefits | Workfare |
| a tax that takes a larger percentage of higher incomes than lower incomes | Progressive Income Tax |
| a program that gives tax credits and even cash payments to qualified workers | Earned Income Tax Credit (EITC) |
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whitneybutler
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