click below
click below
Normal Size Small Size show me how
SS Ch 20 Vocab Final
FINAL
| Term | Definition |
|---|---|
| private good | economic good that when consumed by one person, cannot be used by another |
| public good | economic good that is used collectively |
| monolopy | sole provider for a good or service |
| antitrust law | legislation to prevent monopolies from forming and to preserve and promote competition |
| merger | a combination of two or more companies to form a single business |
| depression | state of the economy with high unemployment, severely depressed real GDP, and general economic hardship |
| unemployment rate | percentage of people in civilian labor force who are not working but are looking for jobs |
| fixed income | income that remains the same each month and does not have the potential to go up when prices are going up |
| inflation | long term increase in the general level of prices |
| welfare | aid given to the poor in the form of money or necessities |
| compensation | payment to unemployed or injured workers to make up for lost wages |