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economics chapter 3

vocab

TermDefinition
open opportunity the concept that everyone can compete in the marketplace
legal equality the concept of giving everyone the same legal rights
private property rights the concept that people have the right and privilege to control their possessions as they wish
voluntary exchange the concept that people may decide what and when they want to buy and sell
competition the rivalry among sellers to attract customers while lowering costs
interest group a private organization that tries to persuade public officials to act or vote according to group members' interests
public disclosure laws laws requiring companies to provide full information about their products
macroeconomics the study of the behavior and decision making of entire economics
microeconomics the study of the economic behavior and decision making of small units, such as individuals, families, and businesses
GDP(gross domestic product) the total value of all final goods and services produced in a particular economy
business cycle a period of macroeconomic expansion followed by a period of contraction
public good a shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers
public sector the part of the economy that involves the transactions of the government
private sector the part of the economy that involves the transactions of individuals and businesses
free rider someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provided as a public good
ket failure a action in which the market does not contribute resources efficiently
externality an economic side effect of a good or service that generates benefits or cost to someone other than the person deciding how much to produce or consume
poverty threshold an income level below that which is needed to support families or households
welfare government aid to the poor
cash transfers direct payments of money to eligible poor people
in-kind benefits goods and services provided for free or at greatly reduced prices
Created by: ahostetler15
 

 



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