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chapter 23
| Term | Definition |
|---|---|
| private good | goods that when consumed by one individual cannot be consumed by another |
| public good | the well-being of the general public |
| externality | an external effect, often unforeseen or unintended, accompanying a process or activity |
| monopoly | an exclusive privilege to carry on a business, traffic, or service, granted by a government. |
| antitrust law | legislation to prevent new monopolies from forming and police those that already exist |
| merger | a statutory combination of two or more corporations by the transfer of the properties to one surviving corporation. |
| natural monopoly | a market situation in which the cost of production are minimized by having a single firm produce the product |
| recall | to bring back from memory |
| real GDP | GDP after adjustments for inflation |
| business cycle | a recurrent fluctuation in the total business activity of a country |
| civilian labor force | all civilians 16 years old or older who are either working or lokking for work |
| unemployment rate | The number of people unemployed within a city or town |
| fiscal policy | The policy of a government in controlling its own expenditures and taxation, which together make up the budget. |
| inflation | Economics. a persistent, substantial rise in the general level of prices related to an increase in the volume of money and resulting in the loss of value of currency |
| consumer price index | an index of the changes in the cost of goods and services to a typical consumer, based on the costs of the same goods and services at a base period. |
| food stamps | any of the coupons sold or given under a federal program to eligible needy persons and redeemable for food at designated grocery stores or markets. |
| WIC | a program that provides help for nutrition and health care to low income people |
| workfare | a governmental plan under which welfare recipients are required to accept public-service jobs or to participate in job training. |
| progressive income tax | a tax that takes a larger percentage of higher incomes |
| earned income tax credit | a program that gives tax credits and even cash payments to qualified workers |
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jordanwoody1
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