Econ100613
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| Externality | An economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume
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| Positive Externality | Beneficial side effects or public goods that generate benefits to many people, not just ones who pay for goods
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| Negative Externality | Cause part of the cost of producing a good or service to be paid for by someone other than the producer; negative side effect
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| Interest Group | A private organization that tries to persuade public officials to act or vote according to group members' interests
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| Free Rider | Someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provided as a public good
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| Business Cycle | A period of macroeconomic expansion followed by a period of contraction
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| Public Interest | The concerns of the public as a whole
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| Poverty Threshold | An income level below which income is insufficient to support families or households
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| Market Failure | A situation in which the market does not distribute resources efficiently
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| Welfare | Government aid to the poor
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| Public Disclosure Laws | Laws requiring companies to provide full information about their products
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| Public Policy | The principles on which social laws are based
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| Most effective way for consumers to make their desires known to businesses | Purchases they make
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| Technology | Makes the economy stronger and more efficient
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| The three main outcomes that policymakers pursue when they try to stabilize the economy | High employment, steady growth, and stable prices
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| Macroeconomics | The study of the behavior and decision making of entire economies, looks at major trends for the economy as a whole
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| Microeconomics | The study of the economic behavior and decision making of small units, such as individuals, families, and businesses
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| Two criteria for a good or service to be public | Benefit to individual is more than the cost that each would have to pay if it were provided privately and the total benefits to society are greater than the actual cost
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| OSHA | Enacts policies for reducing risks of harm from consumer products
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| FDA | Sets and enforces standards for food, drugs, and cosmetic products
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| EPA | Enacts policies to protect human health and the natural environment
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| Gross Domestic Product | The total value of all final goods and services produced in a particular economy; the dollar value of all final goods and services within a country's borders in a given year
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| Cash Transfers | Direct payments of money to eligible poor people, the disabled, and retired people
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| Temporary Assistance for Needy Families | Program aimed at moving people from welfare dependence to the work force
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| Social Security | Transfers of cash to the elderly and the disabled, social security taxes are withheld from current workers and redistributed as cash payments to elderly and disabled people
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| Unemployment Insurance | Cash transfer of money to eligible workers who have lost their jobs
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| Workers' Compensation | Cash transfers of state funds to workers injured on the job
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| In-Kind Benefits | Good and services provided for free or at greatly reduced prices
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| What rights are provided by the U.S. Constitution to allow people to engage in business activities? | Property rights, legal equality, taxation, and contracts
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| Patents and Copyrights | Offered by the government to protect inventors and to promote innovation
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| Consumer Product Safety Commission | Enacts policies for reducing risks of harm from consumer products
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| Environmental Protection Agency | Enacts policies to protect human health and the natural environment
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| Equal Employment Opportunity Commission | Promotes equal job opportunity through enforcement of civil rights laws, education, and other programs
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| How might the changes brought about by the influence of interest groups affect the public? | Interest groups sometimes make a positive effect for many people by their attempts to influence legislation, but sometimes the legislation they want helps only their own group and may in fact be detrimental to others.
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| What kinds of intervention or protection have U.S. residents come to expect from the government that a totally free market would not provide? | The residents of the United States have come to expect that the government will protect rights and contracts, assure safe food and drugs, keep the environment clean, and provide necessary safety nets for residents.
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| Three main goals sought by policymakers in the economy | Employment for all who are able to work, steady growth of the economy, and a stable and secure economy.
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| What is the difference between a cash payment and an in-kind benefit? | Cash transfers are direct payments of money to eligible poor people and in-kind payments are goods or services provided for free or at greatly reduced prices
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