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ECO Topic 2 Voc Pt2

ECO Topic 2 Vocabulary Lessons 5,6,7 PEARSON 2016

TermDefinition
profit motive the incentive that drives individuals and business owners to improve their material well-being
legal equality the principle that everyone has the same legal rights
private property rights the principle that people have the right to control their possessions and use them as they wish
interest group a private organization that tries to persuade public officials to act in ways that benefit its members
patriotism love of one’s country
eminent domain the right of a government to take private property for public use
public interest the concerns of society as a whole
microeconomics the study of economics behavior and decision-making in small units, such as households and firms
macroeconomics the study of economic behavior and decisions in a nation’s whole economy
gross domestic product the dollar value of all final goods and services produced within a country’s borders in a given year
business cycle a period of macroeconomic expansion, or growth followed by one of contraction, or decline
patent a license that gives the inventor of a new product the exclusive right to sell it for a specific period of time
copyright a government document that grants an author exclusive rights to publish and sell creative works
work ethic a commitment to the value of work
public good a shared good or service for which it would be inefficient or impractical to make consumers pay individually and to exclude those who did not pay
public sector the part of the economy that involves the transactions of the government
private sector the part of the economy that involves the transactions of individuals and businesses
infrastructure that basic facilities that are necessary for a society to function and grow
free rider someone who would not be willing 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
market failure a situation in which the free market, operating on its own, does not distribute resources efficiently
externality 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
poverty threshold an income level below that which is needed to support families or households
welfare government aid to the poor
Created by: cwarsing