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chapter 23

TermDefinition
private good goods that when consumed by one individual cannot be consumed by another
public good the well-being of the general public
externality an external effect, often unforeseen or unintended, accompanying a process or activity
monopoly an exclusive privilege to carry on a business, traffic, or service, granted by a government.
antitrust law legislation to prevent new monopolies from forming and police those that already exist
merger a statutory combination of two or more corporations by the transfer of the properties to one surviving corporation.
natural monopoly a market situation in which the cost of production are minimized by having a single firm produce the product
recall to bring back from memory
real GDP GDP after adjustments for inflation
business cycle a recurrent fluctuation in the total business activity of a country
civilian labor force all civilians 16 years old or older who are either working or lokking for work
unemployment rate The number of people unemployed within a city or town
fiscal policy The policy of a government in controlling its own expenditures and taxation, which together make up the budget.
inflation Economics. a persistent, substantial rise in the general level of prices related to an increase in the volume of money and resulting in the loss of value of currency
consumer price index an index of the changes in the cost of goods and services to a typical consumer, based on the costs of the same goods and services at a base period.
food stamps any of the coupons sold or given under a federal program to eligible needy persons and redeemable for food at designated grocery stores or markets.
WIC a program that provides help for nutrition and health care to low income people
workfare a governmental plan under which welfare recipients are required to accept public-service jobs or to participate in job training.
progressive income tax a tax that takes a larger percentage of higher incomes
earned income tax credit a program that gives tax credits and even cash payments to qualified workers
Created by: jordanwoody1
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