Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Government&Economy
Chapter 23
| Term | Definition |
|---|---|
| private good | goods that when consumed by one individual, cannot be consumed by another |
| public good | goods that when are consumed collectively, such as highways and nation defense |
| externality | an unintended side effect of an action that affects someone not involved in the action |
| monopoly | a sole provider of 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 |
| businesscycle | alternating periods of goth and decline that the economy goes through |
| civilian labor force | all civilians 16 and 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 governments use of spending and taxation policies to affect overall business activity |
| inflation | a sustained increase in the general level of prices |
| consumer price index | a measure of the change in price over time of a specific group of goods and services |
| food stamps | government coupons that can be used to purchase food |
| women, infants, and children (WIC) | program that provides help for nutrition and healthcare to low-income women, infants and children up to age 5 |
| workfare | programs that require welfare recipients to exchange some of their labor in exchange for benefits |
| progressive income tax | a tax that takes a larger percent of higher incomes than lower incomes |
| earned income tax credit (EITC) | program that gives tax credits and even cash payments to qualified workers |
Created by:
Nelly916
Popular American Government sets