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SS Ch 20 Test

SS Ch 20 Test Review

TermDefinition
private good economic good that is consumed by one person, and cannot be used by another
public good economic good that is used collectively,
externality economic side effect that affects uninvolved third party
positive externality benefits more people
negative externality action has harmful side effects
merger two or more companies form a single business
natural monolopy costs of production are minimized by having single firm produce the product
recall action that causes an unsafe product to be removed from shelves
real gdp GDP after adjustments for inflation
inflation long term increase in level of prices
monolopy sole provider for good or service
antitrust law legislation to prevent monopolies from forming and to preserve and promote competition
recession period of declining economic activity lasting 6 or more months
bear market stock prices decline
bull market stock prices increase
welfare aid given to poor in form of money or necessities
workfare programs that require welfare recipients to exchange some of labor for benefits
fixed income income remains same forever
compensation payment to unemployed or injured workers to make up for lost wages
TANF welfare program paid for by the fed gov and administered by individual states
inflationary times economic trouble
CPI consumer price index, average price of products
Clayton act stronger and clearer then Sherman act, banned businesses that hurt competition
business cycle expansion, peak, contraction or recession, trough, expansion, peak, contraction or recession
peak highest point and starts to turn down
trough lowest level and starts to climb again
Created by: 2018grellerj
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