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chapter 23
| Term | Definition |
|---|---|
| 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 |
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