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Govrn. and Economy
Chapter 23
| Term | Definition |
|---|---|
| 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 involoved 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 exsist |
| merger | a combination of two or more companies to form a single business |
| natural monopoly | a market situation in which that costs of production are minimized by having a single firm produce the product |
| recall | a special election in which citizens can vate to remove a public official from office; situation in which a company pulls a product off the market or agrees ti change it to make it safe |
| real GDP | GDP after adjustments for inflation |
| business cycle | alternating periods of growth and decline that the economy goes through |
| civilian labor force | all civilians 16 years old or older who are either working or are 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 government 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 recipients to exchange some of their labor in return for benifits |
| progressive income tax | a tax that takes a larger percentage of higher incomes than lower incomes |
| Earned Income Tax Credit (EITC) | a program that gives tax credits and even cash payments to qualified workers |
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