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CH: Appendix B vocab
City Upon a Hill Appendix B Vocabulary
| Question | Answer |
|---|---|
| Imperfect Information | The value/cost of a good is not accurate due to a lack of complete or correct information |
| Monopoly | When one person or group capture enough of the market to control or manipulate prices; the lack of competition in a market |
| Cartel | A group of firms that act together like a monopoly |
| Public Goods | A good or service that, if consumed by one individual, does not diminish the amount of that good or service that remains available to others. |
| Free Rider Problem | A good or service provided by one individual or company that benefits or is consumed at no charge by another individual or company |
| Externality | A third party not directly involved in the transaction either invokes benefits or costs because of that exchange |
| Economic Instability | The upward and downward cycles of output and employment in a market economy. A pattern characterized by periods of full employment and rapid economic growth followed by a period of unemployment and economic stagnation |
| Recession | The actual level of output in the economy falls significantly below the output that the economy can produce with full employment of resources |
| Depression | A severe recession, usually characterized by unemployment rate higher than 10 percent |
| Fiscal Policy | By increasing public expenditures and decreasing taxes, money is channeled into the economy in an attempt to prime the pump and encourage consumer spending to correct the economic downturn |
| Monetary Policy | By increasing the money supply and pushing down interest rates, the Federal Reserve can encourage individual consumers and businesses to react with increased spending, which would in turn stimulate the economy |
| Economic Injustice | The unequal distributions of income and wealth as a result of competition in a market economy |
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