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chap 23

QuestionAnswer
private goods good that when consumed by on individual cannot be consumed by another
public good economic goods that are consumed collectively such as highways and natural defenses
externality the unintended side effects of an action that affects someone not involved in the action
monopoly when the market creates a sole provider for good and services
antitrust law legislation to prevent new monopolies from forming and police those that already exist
merge a combination of two or more companies to form a single business
natural monopoly a market situation in which the cost of productions are minimized by having a single from of produce the product
real GDP another adjustments for inflation
business cycle alternating periods of all growth and decline that the economy goes through .
civilian labor force all civilians 16 years or older who either working or looking for work
unemployment rate the percentage of people in the civilian labor force who are not working but looking for jobs
food stamps government coupons that can be used to purchase food
fiscal policy the federal government use of spending and taxation polices in affect overall business
inflation sustained increase in the general level of prices
consumer price index measure in change of price over time of specific groups of good and services
women infant and children a program that provides help for nutrition and health care to low income women infants and children up to age 5
workfare programs that require welfare recipients to exchange some of their labor to return for benefits
progressive income taxes a tax that takes a lager percentage of a higher incomes
earned income tax credit a program Agatha gives credit an even cash payments to the qualified works
recall a special election in which citizens can vote to remove a public office. situation in which a company pulls a product off the market and agrees to change it to make it safe
Created by: somonnemclean
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