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CH 23

QuestionAnswer
private good goods that when consumed cannot be consumed by another individual
public good goods that can be consumed without preventing the consumption of the good by another.
externality an unintended side effect of an action that affects someone not involved in the action.
monopoly sole provider of a good or service
antitrust law laws to control monopolies and promote competition
merger combination two companies into one
natural monopoly when the costs of production are minimized when only one firm produces a product.
recall when a company pulls products off the market or agrees to make it safe
real GDP a metric showing an economy's production after distortions in price have been removed
business cycle alternative intervals of growth and decline in the economy
civilian labor force people working or looking for work
unemployment rate percentage of people in the civilian labor force who are not working but are looking for jobs
fiscal policy changes in government spending or tax policies
inflation sustained increase in general level of prices
consumer price index (CPI) the measure of change in price over time of specific group of goods and services
foods stamps vouchers for food for low income families
Women, Infants, and Children (WIC) program to provide nutrition and health care to low income women, infants, and children up to age five
work fare programs that require welfare recipients to exchange some of their labor in exchange for benefits
progressive income tax an income tax where rates are lower for lower incomes.
earned income tax credit (EITC) program that gives tax credits and even cash payments to qualified workers
Created by: nicholasbrown
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