Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
eco chap 3
| Question | Answer |
|---|---|
| Profit motive | the force that encourages people and organizations to improve their material well-being |
| private property rights | the concept that people have the right and privilege to control their possessions as they wish |
| free contract | the concept that people may decide what agreements they want to enter into |
| open opportunity | the concept that everyone can compete in the marketplace |
| legal equality | the concept of giving everyone the same legal rights |
| public interest | the concerns of the public as a whole |
| Macroeconomics | the study of the behavior and decisions making entire economies |
| Microeconomics | the study of the economic behavior and decision making of small units, such as individuals, families, and businesses |
| Gross Domestic Product (GDP) | the total value all final goods and services produced in a particular economy. |
| business cycle | a period of macroeconomic expansion followed by a period of contraction |
| 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 |
| Work Ethic | a commitment to the value of work and purposeful activity |
| Technology | the process used to produce a good or service |
| 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 |
| market failure | a situation in which the market does not distribute resources efficiently |
| Externality | an economic side effect of a good or service that generates benefits or costs 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:
user1625
Popular Economics sets