chapter 23 Word Scramble
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Term | Definition |
antitrust laws | legislation to prevent new monopolies from forming and police those that already exist |
business cycle | alternating periods of growth and decline that the economy goes through |
civilian labor force | all civilians 16 years old or older who are either working or are looking for work. |
consumer price index | measure of change in price over time of specific group of goods and services |
earned income tax credit | a program that gives tax credits and even cash payments to qualified workers. |
externality | the unintended side effect of an action that affects someone not involved in the action |
fiscal policy | the federal governments use of spending and taxation policies to affect overall business activity |
food stamp | government coupons that can be used to purchase food. |
inflation | sustained increase in the general level of prices |
merger | a combination of two or more companies to form a single business. |
monopoly | when the market creates a sole provider for a good or service |
natural monopoly | a market situation in which the costs of production are minimized by having a single firm produce the product |
private goods | goods that,when consumed by one individual, cannot be consumed by another |
progressive income tax credit | a tax that takes a large percent of higher incomes than lower incomes |
public goods | economic goods that are consumed collectively, such as highways and national defense |
real GDP | GDP after adjustments in inflation. |
recall | a special election in which citizens can vote to remove a public official from office. |
unemployment rate | the percentage of people in the civilian labor force who are not working but are looking for jobs |
women,infants and children | a program that provides help for nutrition and health care to low-income women,infants,and children up to the age of 5 |
workfare | programs that require welfare recipients to exchange some of their labor in return for benefits |
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