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Econ Ch 3 Salvucci

Flashcards for Chapter 3 in the class Economics Book.

DefinitionTerm
all those who live under one roof Household
Their level of satisfaction or sense of well-being utility
economic unit formed by a profit-seeking entrepreneur who combines resources to produce goods & services & accepts the risk of profit and loss Firm
the development of large-scale factory production Industrial Revolution
guarantee individuals the right to use their resources as they choose or to change others for the use Private Property Rights
attempt to promote competition and reduce anti competitive behavior Antitrust Laws
When it is cheaper for one more firm to serve the market then for two or more firms to do so Natural Monopoly
uses taxing and public spending to influence national economic variables Fiscal Policy
tries to apply the right amount of money to help stabilize the business cycle and promote healthy economic growth Monetary Policy
both rival and exclusive Private goods
non-rival in consumption Public goods
goods that are non-rival but exclusive Quasi-public goods
goods that are rival but nonexclusive open-access goods
by- products of production or consumption that impose cost on third parties Negative Externalities
occur when the by- products consumption or production benefit third parties Positive Externalities
middle income when incomes are ranked from lowest to highest Median income
known as welfare programs, provide money and in kind assistance to poor people Income-assistance programs
programs designed to help make up for the lost income of people who worked but are now retired, temporarily unemployed, or unable to work because of disability Social Insurance
Created by: dsalvucci
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