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Chapter 23 Civics

TermDefinition
Private Good Goods that, when consumed by one individual, cannot be consumed by another.
Publuc Good Economical goods that are consumed collecgively, 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 Legistlation to prevent new monopolies form forming and police those that already exist.
Merger A combination of two or more companies to form a single business.
Natural Monopoly A market situtation in which the costs of production are minimized by having a single firm produce the product.
Recall Situtation in which a company pulls a product off the market or agrees to make it safe.
Real GDP GDP after adjusment for inflation.
Business Cycle Alternating periods of growth and decline that the economy gors through.
Civilian Labor Force All civilians 16 years old or older who are either working or who are looking for work.
Unemployment rate The precentages 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 polices 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 A program that provides helpe for nutrition and health care to low-income women, infants, and children up to five.
Workforce Programs that require welfare recipients to exchange some of their abor in return for benefits.
Progessive Income Tax A tax that takes 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.
Created by: zacharyloso
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