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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 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 pubic 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 he 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 a 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 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 |
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