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CH 3 Vocabulary jw

another name for capitalism, an economic system based on private ownership of productive resources. Free enterprise system
The ability of everyone to take part in the market by free choice. Open Opportunity
A situation in which everyone has the same economic rights under the law. Legal equality
A situation in which people decide which legal agreements to enter into. Free contract
The force that encourages people and organizations to improve their material well being from economic activity. profit motive
Money left over after the costs of producing a good or service have been subtracted from the revenue gained by selling that good or service. Profit
A free enterprise economic system with some government involvement. Modified free enterprise economy
Occurs when people who are not part of a marketplace interaction benefit from it or pay part of its costs. market failure
products provided by federal, state, and local governments and consumed by the public as a group. Public goods
A person who avoids paying for a good or service but who benefits from that good or service anyway. free rider
Consists of all the goods and services that are necessary for the functioning of society. infrastructure
A side effect of a product that affects someone other than the producer or the buyer. externality
An externality that imposes costs on people who were not involved in the original economic activity. negative externality
An externality that creates benefits for people who were not involved in the orginal economic activity. positive externality
A government payment that helps cover the cost of an economic activity that has the potential to benefit the public as a whole. Subsidy
Consists of government programs designed to protect people from economic hardship. Safety net
Transfers of income from one person or group to another even though the receiver does not provide anything in return. Transfer payments
A transfer payment in which the government transfers income from taxpayers to recipients who do not provide anything in return. Public transfer payment
Created by: joannw15



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