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Ch.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 to 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
Civilian labor force All civilians 16 years years old or older who are either working or looking for a work
Unemployment rate The percentage of people in the civilian labor force who are not working but are looking for a job
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 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 receipts to exchange some of their labor in return of benefits
Progressive income tax A tax that takes a larger percentage of higher incomes than lower incomes
Earned Income tax A program that gives tax credits and even cash payments to qualified workers
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