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chapter 23

TermDefinition
private good goods when consumed can not be consumed by another
public good economic goods that are consumed collectively
externality the unintended side effect of an action that affects someone not involved in the action
monopoly when the market creates a sole provider for a good or service
antitrust law legislation to prevent new monopolies from forming and police those that already exist
merger a combination of two or more companies to form a single business
natural monopoly a market situation in which the cost of production are minimized by having a single firm produce the product
recall situation where a company pulls a product off the shelf or agree to make it safer
real gdp gdp after adjustments for inflation
business cycle alternating periods of growth and decline that the economy goes through
civilian labor force all civilians 16 years or older working or looking for work.
unemployment rate the percent of people in the civilian labor force who are not working but are looking for jobs
fiscal policy the federal government's use of spending and taxation policies to affect overall business activity
inflation sustained increase in general level of prices
consumer price index CPI measure of change in price over time of specific group of goods and services
food stamps government coupons that can be used to purchase food
women, infants, and children (WIC) a program that provides help for nutrition and health care to low-income women, infants, and children up to the age of 5
workefare programs that require welfare recipients to exchange some of their labor in return for benefits
progressive incometax a tax that takes a larger percentage of higher incomes than lower incomes
earned tax credit(EITC) a program that gives tax credit and even cash payments to qualified workers
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