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Ch 3 Econ Test Study
Ch 3 Econ
| Term | Definition |
|---|---|
| Microeconomics | The study of the economic behavior and decision making of small units, such as individuals, households and businesses |
| Macroeconomics | The study of the economic behavior and decision making of of entire economies. GDP is a macroeconomic concept. |
| public disclosure laws | laws requiring companies to give consumers important information about their product. |
| cash transfers | direct payments of money to eligible poor people. |
| welfare | goverment aid to the poor |
| public interest | the concerns of the public as a whole |
| poverty threshold | income level below that which is needed to support families or houselholds. |
| legal equality | the concept of giving everyone the same legal rights. |
| market failure | A situation in which the market does not distribute resources efficiently |
| externality | An economic side effect that generates benefits or costs. They can be positive or negative. |
| interest group | a private organization that tries to persuade public officials to act or vote according to group members interests |
| business cycle | a period of macroeconomic expansion followed by a period of contraction |
| free rider | someone who would not choose to pay for a certain good or service, but who would get the benefits anyway if it were provided as a public good. |
| in kind benefits | goods or services provided for free or at greatly reduced prices |
| safety net | government programs that protect people experiencing unfavorable economic conditions. |
Created by:
tmaloney
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