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Free Enterprise Chap 3 Vocabulary

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Question
Answer
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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