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Free Enterprise

Free Enterprise Chap 3 Vocabulary

QuestionAnswer
the force that encourages people and organizations to improve their material well-being profit motive
the concept that everyone can compete in the marketplace open opportunity
the concept of giving everyone the same legal rights legal equality
the concept that people have the right and privilege to control their possessions as they wish private property rights
the concept that people may decide what agreements they want to enter into free contract
the concept that people may decide what and when they want to buy and sell voluntary exchange
the rivalry among sellers to attract customers while lowering costs competition
a private organization that tries to persuade public officials to act or vote a certain way interest group
laws which require companies to give consumers important information about their products public disclosure laws
the concerns of the public as a whole public interest
the study of the behavior and decision making of entire economies macroeconomics
the study of the economic behavior and decision making of small units, such as individuals, families, and businesses microeconomics
the total value of all final goods and services produced in a particular economy gross domestic product (GDP)
a period of macroeconomic expansion followed by a period of contraction business cycle
a commitment to the value of work and purposeful activity work ethic
the process used to produce a good or service technology
the part of the economy that involves the transactions of the government public sector
the part of the economy that involves the transactions of individuals and businesses private sector
someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provided as a public good free rider
a situation in which the market does not distribute resources efficiently market failure
free riders consume what they don't ____ for pay
an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume externality
What is unintended cost an example of? negative externality
an income level below that which is needed to support families or households poverty threshold
government aid to the poor welfare
direct payments of money to eligible poor people cash transfers
goods and services provided for free or at greatly reduced prices in-kind benefits
What is Social Security is an example of? cash transfer
What is worker's compensation an example of? cash transfer
What is food stamps an example of? in-kind benefits
What is legal aid an example of? in-kind benefit
What is the name of the program that provides health insurance for the elderly and disabled? Medicare
What is the name of the program that provides health insurance for some poor people who are unemployed? Medicaid
What is subsidized housing an example of? in-kind benefits
What is unemployment insurance an example of? cash transfer
Which program was created in 1935 during the Great Depression? Social Security
Which program provides a cash transfer when a person is injured on the job? workers' compensation
Which program provides a cash transfer for poor families and was called "welfare" in the past? TANF-Temporary Assistance for Needy Families
Created by: bonniebyland