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Ent 1 Obj 2.02
Gov and Business
| Term | Definition |
|---|---|
| 1.Disposable Income | The amount of money people have to spend,or dispose of,after they have paid their taxes;also called Discretionary Income |
| 2.Federal Communications Commission(FCC) | A government agency that regulates interstate and international communications by Radio,Television,Wire,Satellite,and Cable |
| 3.Federal Trade Commission(FTC) | A government regulatory agency that administers and enforces antitrust laws to prevent price fixing and to prohibit unfair competitive practices |
| 4.Fiscal Policy | The government policy that sets levels of government spending and taxation |
| 5.Food and Drug Administration(FDA) | The regulatory agency established by the federal government to enforce laws that protect consumers health |
| 6.Licensing | Issuing a government permit that allows an individual or a business to function in the marketplace |
| 7.Monetary Policy | The government policy that determines the amount of money that will be in circulation and the level of interest rates |
| 8.Monopoly | A condition in which a market is controlled by one supplier with no substitute goods or services readily available |
| 9.Occupational Safety and Health Administration(OSHA) | A federal government agency that writes and enforces safety and health standards for businesses |
| 10.Price Discrimination | An illegal activity in which a business charges different customers different prices for similar amounts and types of products |
| 11.Private Enterprise System | An economic system in which individuals and groups,ratherthan government,own or control the means of production;also known as a Free Market Economy,Private Profit System,Market System,Capitalistic System,or Free Enterprise System |
| 12.Private Sector | That part of the economy that is owned and controlled by individuals and /or businesses |
| 13.Public Goods | Goods and services that are used by all people and cannot be withheld from people who don't help pay for them |
| 14.Public Sector | That part of the economy that is owned and operated by government at all levels(e.g.,Schools,Libraries,Highway System) |
| 15.Subsidy | Government financial help given to a business |
| 16.Tariff | A tax on imported goods;also called duty |
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