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Chapter23

TermDefinition
private goods goods that, when consumed by one individual, cannot be consumed by another.
public goods 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 laws 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 a special election in which citizens can vote to remove a public official from office.
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 older or older who are either working or are 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 activity.
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 stamp government coupons that can be used to purchase.
women,infant, and children a program that provides help for nutrition and health care to low-income women, infants, and children up to age.
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 a program that gives tax credits and even cash payments to qualified workers.
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