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Ch 3 US Sectors

Spalding Academy 10th Econ

Laws that prohibit anticompetitive behavior and promote competition in markets where competition is desireable antitrust laws
The federal government's use of taxing and public spending to influence the national economy Fiscal policy
A business unit or enterprise formed by a profit-seeking entrepreneur who combines resources to produce goods and services Firm
The most important economic decision maker, consisting of all those who live under one roof. Household
A good with 2 features: the amount consumed by one person is unavailable for others and non payers can easily be excluded Private good
Development of large-scale production under one roof during the 18th century Industrial Revolution
The satisfaction from consumption; sense of well-being utility
By-products of production or consumption that impose costs on 3rd parties, neither buyers or sellers Negative externalities
Cash transfers for retirees, the unemployed, and others with a work history and a record of contributions to the program Social insurance
A good that, once produced, is available for all to consume, but the producer cannot easily exclude nonpayers Public good
the middle income when a group of incomes is ranked from lowest to highest Median income
A good that, once produced, is available to all, but non payers are easily excluded Quasi-public good
Legal claim that guarantees an owner the right to use a resource to to charge others for its use Private property rights
A good that is rival in consumption but exclusion is costly Open access good
By products of consumption or production that benefit 3rd parties, neither buyers or sellers Positive externalities
Government programs that provide money and in-kind assistance to poor people Income-assistance programs
The central bank's attempt to control the money supply to influence the national economy Monetary policy
One firm that can serve the entire market at a lower per-unit cost than can 2+ firms Natural monopoly
Explain why there is a close correlation between people’s marital status and the incidence of poverty. How might a trend toward more or fewer couples getting and staying married affect the rate of poverty in our country? Single females with children have less time and less opportunity to obtain a well-paying job. Rise.
Fiscal and monetary policies both are used to help stabilize the business cycle. How do the approaches of these policies differ? Fiscal: Uses taxing/spending to even out business cycles. Monetary: tries to supply appropriate amount of money for the current econ situation
Compare and contrast social insurance programs (Social Security and Medicare) and income-assistance programs (welfare) programs). Social insurance: federal $ to retired, disabled, temporarily unemployed. Must have work history. Income Assistance: based on household income, 2/3 fed funded, in kind and cash
Created by: rejoyce431