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WHS PoBF 5.04
LAP EC 16
| Term | Definition |
|---|---|
| Disposable income | The amount of money people have to spend, or dispose of, after they have paid their taxes; also called discretionary income |
| Federal Communications Commission (FCC) | A government agency that regulates interstate and international communications by radio, television, wire, satellite, and cable |
| Federal Trade Commission (FTC) | A government regulatory agency that administers and enforces antitrust laws to prevent price fixing and to prohibit unfair competitive practices |
| Fiscal policy | The government policy that sets levels of government spending and taxation |
| Food and Drug Administration (FDA) | The regulatory agency established by the federal government to enforce laws that protect consumers’ health |
| Licensing | Issuing a government permit that allows an individual or a business to function in the marketplace |
| Monetary policy | The government policy that determines the amount of money that will be in circulation and the level of interest rates |
| Monopoly | A condition in which a market is controlled by one supplier with no substitute goods or services readily available |
| Natural monopoly | A single business that influences the entire production of a particular good or service because it is in the best interests of the public for the business to do so |
| Occupational Safety and Health Administration (OSHA) | A federal government agency that writes and enforces safety and health standards for businesses |
| Price discrimination | An illegal activity in which a business charges different customers different prices for similar amounts and types of products |
| Price supports | Assistance by government in maintaining the price of a good or service to enable the producers to earn a profit |
| Private enterprise system | An economic system in which individuals and groups, rather than government, own or control the means of production; also known as free market economy, private profit system, market system, capitalistic system, or free enterprise system |
| Private sector | That part of the economy that is owned and controlled by individuals and/or businesses |
| Public goods | Goods and services that are used by all people and cannot be withheld from people who don't help to pay for them |
| Public sector | That part of the economy that is owned and operated by government at all levels, e.g., schools, libraries, highway systems |
| Subsidy | Government financial help given to a business |
| Tariff | A tax on imported goods; also called duty |
Created by:
VNelsonWHS
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