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Chapter 23

TermDefinition
Private Good Goods that, when consumed by one individual, cannot be consumed by another.
Public Good Economic goods that are consumed collectively, such as highways and national defense.
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 costs of production are minimized by having a single firm produce the product.
Recall Situation in which a company pulls a product off the market or agrees to change it to make it safe.
Real GDP GDP after adjustments for inflation.
Business Cycle Alternating periods of growth and decline that the economy goes through.
Civilian Labor Force All citizens who are 16 or older who are either working or looking for work.
Unemployment Rate The percentage 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 activities
Inflation Sustained increase in the general level of prices.
Consumer Price Index 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 age 5
Workfare Programs that require welfare recipients to exchange some of their labor in return for benefits.
Progressive Income Tax A tax that takes a larger percentage of higher incomes than lower incomes.
Earned Income Tax Credit (EITC) A program that gives tax credits and even cash payments to qualified workers.
Created by: Brianlopez464