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chapter 23

TermDefinition
antitrust laws legislation to prevent new monopolies from forming and police those that already exist
business cycle alternating periods of growth and decline that the economy goes through
civilian labor force all civilians 16 years old or older who are either working or are looking for work.
consumer price index measure of change in price over time of specific group of goods and services
earned income tax credit a program that gives tax credits and even cash payments to qualified workers.
externality the unintended side effect of an action that affects someone not involved in the action
fiscal policy the federal governments use of spending and taxation policies to affect overall business activity
food stamp government coupons that can be used to purchase food.
inflation sustained increase in the general level of prices
merger a combination of two or more companies to form a single business.
monopoly when the market creates a sole provider for a good or service
natural monopoly a market situation in which the costs of production are minimized by having a single firm produce the product
private goods goods that,when consumed by one individual, cannot be consumed by another
progressive income tax credit a tax that takes a large percent of higher incomes than lower incomes
public goods economic goods that are consumed collectively, such as highways and national defense
real GDP GDP after adjustments in inflation.
recall a special election in which citizens can vote to remove a public official from office.
unemployment rate the percentage of people in the civilian labor force who are not working but are looking for jobs
women,infants and children a program that provides help for nutrition and health care to low-income women,infants,and children up to the age of 5
workfare programs that require welfare recipients to exchange some of their labor in return for benefits
Created by: ashlyndowler
 

 



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