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BM II 3.02
Government 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 communication 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 consumer's 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 public 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 business es. |
| 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 the 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 free market economy, private profit systems, market systems, 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 a duty. |
Created by:
Fernando646
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