vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| private good | goods that ,when consumed by one individual, cannot be consumed by another
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| public good | economic goods that are consumed collectively, such as highways and national defense
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| externality | the unintended side effect of an auction that affects someone not involved in action
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| monopoly | when the market creates a sole provider for a good or service
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| antitrust law | legislation to prevent new monopolies from forming and police those that already exist
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| merger | a combination of two or more companies to form a single business
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| natural monopoly | a market situation in which the cost of production are minimized by having a single firm produce the product
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| recall | situation in which a company pulls a product off the market or agrees to change it to make it safe
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| real GDP | GDP after adjustments for inflation
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| business cycle | alternating periods of growth and decline that the economy goes though
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| civilian labor force | all civilian 16 years old or older who either working or are looking for work
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| unemployment rate | the percentage of people in the civilian labor force who not working but are looking for jobs
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| fiscal policy | the federal government's use of spending and taxation policies to affect overall business activity
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| inflation | sustained increase in the general level of prices
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| consumer price index | measure of change in price over time of specific group of goods and sevices
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| food stamps | government coupons that can be used to purchase food
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| woman,infants,and children | a program the provides help for nutrition and health care to low-income women,infants,and children up to age 5
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| workfare | programs that require welfare recipients to exchange some of their labor in return for benefits
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| progressive income tax | a tax that takes a larger percentage of higher incomes then lower incomes
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| earned income tax credit | a program that gives tax credit and even cash payments to qualified workers
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
brittanynsizemore
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