Question
click below
click below
Question
Normal Size Small Size show me how
civics chapter 23
Content Vocab. chapter 23
Question | Answer |
---|---|
private good | good used by one person and cant be used for another |
public good | goods that can be consumed by one person that can be consumed by others as well |
externality | the unintended side-effect of an action that affects someone not involved in the action |
monopoly | a sole provider of a good or services |
antitrust laws | laws to control monopoly power |
merger | a combination of two or more companies to form a single business |
natural monopoly | a market situation in which the costs of production are minimized |
recall | a company pulls a product off the market |
real gdp | shows an economy's production after the distortions of price increases have been removed. |
business cycle | alternating intervals of growth and decline |
civilian labor force | all civilians 16 years or older who are either working oir looking for work |
fiscal policy | changes in government spending or tax policies |
inflation | a sustained increase in the general level of prices |
CPI | a popular measure of the price level |
food stamps | a welfare program to alleviate hunger and malnutrition |
WIC | provides help with nutrition and health care to families with low income and small children |
workfare | exchange of labor for benefits for welfare recipients |
progressive income tax | the tax rate is lower at lower incomes and higher for higher incomes |
earned income tax credit | giving tax credits and cash payments to qualified workers |