Free Enterprise Chap 3 Vocabulary
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each of the black spaces below before clicking
on it to display the answer.
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the force that encourages people and organizations to improve their material well-being | profit motive
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the concept that everyone can compete in the marketplace | open opportunity
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the concept of giving everyone the same legal rights | legal equality
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the concept that people have the right and privilege to control their possessions as they wish | private property rights
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the concept that people may decide what agreements they want to enter into | free contract
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the concept that people may decide what and when they want to buy and sell | voluntary exchange
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the rivalry among sellers to attract customers while lowering costs | competition
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a private organization that tries to persuade public officials to act or vote a certain way | interest group
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laws which require companies to give consumers important information about their products | public disclosure laws
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the concerns of the public as a whole | public interest
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the study of the behavior and decision making of entire economies | macroeconomics
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the study of the economic behavior and decision making of small units, such as individuals, families, and businesses | microeconomics
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the total value of all final goods and services produced in a particular economy | gross domestic product (GDP)
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a period of macroeconomic expansion followed by a period of contraction | business cycle
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a commitment to the value of work and purposeful activity | work ethic
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the process used to produce a good or service | technology
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the part of the economy that involves the transactions of the government | public sector
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the part of the economy that involves the transactions of individuals and businesses | private sector
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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 | free rider
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a situation in which the market does not distribute resources efficiently | market failure
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free riders consume what they don't ____ for | pay
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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 | externality
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What is unintended cost an example of? | negative externality
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an income level below that which is needed to support families or households | poverty threshold
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government aid to the poor | welfare
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direct payments of money to eligible poor people | cash transfers
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goods and services provided for free or at greatly reduced prices | in-kind benefits
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What is Social Security is an example of? | cash transfer
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What is worker's compensation an example of? | cash transfer
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What is food stamps an example of? | in-kind benefits
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What is legal aid an example of? | in-kind benefit
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What is the name of the program that provides health insurance for the elderly and disabled? | Medicare
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What is the name of the program that provides health insurance for some poor people who are unemployed? | Medicaid
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What is subsidized housing an example of? | in-kind benefits
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What is unemployment insurance an example of? | cash transfer
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Which program was created in 1935 during the Great Depression? | Social Security
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Which program provides a cash transfer when a person is injured on the job? | workers' compensation
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Which program provides a cash transfer for poor families and was called "welfare" in the past? | TANF-Temporary Assistance for Needy Families
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