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Ent 1 Obj 2.02
Gov and Business
| Term | Definition |
|---|---|
| Disposable income | The amount of money people have to spend or dispose of after they have paid their taxes also called dictionary 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 |
| Fiscal policy | The government policy that sets levels o government spending and taxation |
| Food and Drug Administration (FDA) | The regulatory agency established by the federal government to enforce laws to prevents price fixing and to prohibit unfair competitive practices |
| Licensing | Issuing a government permit that allows an individual or a business of 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 busine that influences the entire production of a particular good or service because it is in the best interests go public for business to do so |
| Occupational Safety and Health Administration (OSHA) | A federal governments 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 type of products |
| Price supports | Assistance by government in maintaining the price of a good or service to amble the producers to earn a profit |
| Private enterprise system | an economic system in which individuals and groups rather then government own or control the means of production also know as free market economy private profit system market system capitalistic |
| 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 bay people and cannot be withheld from people who don't help pay for them |
| Public sector | That part of economy that is owned and operated by government at all levels |
| Subsidy | Government financial help given to business |
| Tariff | A tax on imported goods also called duty |
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