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Economics Unit 2
| Term | Definition |
|---|---|
| Free Enterprise | Economic system that allows businesses and consumers to interact with minimal government interference. |
| Characteristics of Free Enterprise | Economic freedom, competition, private property, voluntary exchange, profit motive |
| Public Interest | Concerns of the public as a whole. |
| 3 Ways the Government Influences the Nations Economy | Regulates industry whose products affect health and safety, promotes competition, regulates prices |
| 3 Complaints that Businesses Have Concerning Government Regulations | Rules are costly to implement, cuts into profits, slows production and growth |
| Economic Functions of the Government: Stabilizing the Economy | Uses government budgets to promote economic growth , control inflation and reduce unemployment. |
| Economic Functions of the Government: Provide Public Goods and Services | Provides goods and services. |
| Economic Functions of the Government: Maintaining Competition | Regulates all monopolies, create and enforce anti-trust laws (competition laws). |
| Economic Functions of the Government: Redistributing Income | Provides social security and aid to dependent children. Taxes provide services for those who need it. |
| Economic Functions of the Government: Maintains Legal and Social Works | Creates laws and provides courts; establishes a Montany System, enforces property rights. |
| Economic Functions of the Government: Corrects Externalities | Tax companies reduce their pollution rates (negative externalities). Give money to encourage positive externalities (education). |
| Welfare System | Government aid to the poor. |
| T.A.N.F. | Federal money goes to the states who design their own welfare programs. |
| Social Security | Payroll taxes are collected from current workers and redistributed to elderly and disabled. |
| Unemployment | Funded by state and federal government; provides money to eligible workers who have lost their jobs; workers must show that they have made efforts to get work. |
| Medical Assistance | Health insurance for the elderly, disabled, and poor. |
| Medicare | For people 65 years and over. |
| Medicaid | People unemployed or not covered by an insurance agency. |
| Education | Federal, state, and local government funds educational programs from pre-school to college. |
| Poverty Threshold | Income level below what is needed to support a household. |
| Cash Transfers | Direct payments of money to eligible poor people. |
| In Kind Benefits | Goods and services provided for free or at a really reduced price. |
| Federal Regulatory Agencies | Protect health, welfare, and safety. |
| Food and Drug Administration (FDA) | Responsible for protecting the public health by assuring the safety, efficiency and security of human and veterinary drugs. |
| Federal Trade Commission (FTC) | Prevents fraudulent, deceptive, and unfair business practices. |
| Federal Aviation Administration (FAA) | Works to ensure air travel is safe. |
| Equal Employment Opportunity Commission (EEAC) | Enforces laws that make discrimination illegal in the workplace. |
| Environmental Protection Agency (EPA) | Protect people and the environment from significant health risks, concerns an conducts research. |
| Occupational Safety and Health Administrations (OSHA) | Assures safe and healthful working conditions for working men and women by setting and enforcing standards. |
| Consumer Product Safety Commission (CPSC) | Protects the public from unreasonable risks of serious injury or death from thousands of types of consumer products. |
| Nuclear Regulatory Commission (NRC) | Regulates commercial nuclear power plants and other uses for nuclear materials. |
| Federal Communications Commission (FCC) | Regulates interstate and international communications through cable, radio, TV, satellite, and wire. The goal is to promote connectivity and ensure a robust and competitive market. |
| Public Policy | Laws and standards on topics of public interest put forth by the government; effects everything from gas to margarine. |
| Interest Group | A private organization that tries to persuade public officials to act or vote according to group members interests. |
| Public Disclosure Laws | Laws requiring companies to provide full information about their products; government publicizes information to the public for consumer safety. |
| Market Failure | Situation in which the market does not distribute resources efficiently. |
| Public Good | A shared god or service for which it would be impractical to make consumers pay individually and to exclude non-payers. |
| Public Sector | The part of the economy that involves the transactions of the government. |
| Public Service | The business of the supplying a commodity (as electricity or gas) or service (as transportation) to any or all members of a community; a service rendered in the public interest. |
| Private Sector | The part of the economy that involves the transactions of individuals and businesses. |
| Free Rider | Someone who would not choose to pay for a certain good or service, but who would get the benefits of it by anyway if it were provided as a public good. |
| Externality | 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. |
| Positive Externality | Have beneficial side effects (neighbor fixes up their house, the value of your house goes up). |
| Negative Externality | When decisions to produce goods and services create unintended costs (chemical company dumps chemical waste into Lake Erie and makes it unsafe to swim, downstream of Buffalo is forced to install special equipment as it's water treatment plan to clean it). |
Created by:
Blissful_Olive
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