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Government&Economy

Chapter 23

TermDefinition
private good goods that when consumed by one individual, cannot be consumed by another
public good goods that when are consumed collectively, such as highways and nation defense
externality an unintended side effect of an action that affects someone not involved in the action
monopoly a sole provider of a good or service
antitrust law legislation to prevent new monopolies from forming and police those that already exist
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 by having a single firm produce the product
recall situation in which a company pulls a product off the market or agrees to change it to make it safe
real GDP GDP after adjustments for inflation
businesscycle alternating periods of goth and decline that the economy goes through
civilian labor force all civilians 16 and older who are either working or looking for work
unemployment rate the percentage of people in the civilian labor force who are not working but are looking for jobs
fiscal policy the federal governments use of spending and taxation policies to affect overall business activity
inflation a sustained increase in the general level of prices
consumer price index a measure of the change in price over time of a specific group of goods and services
food stamps government coupons that can be used to purchase food
women, infants, and children (WIC) program that provides help for nutrition and healthcare to low-income women, infants and children up to age 5
workfare programs that require welfare recipients to exchange some of their labor in exchange for benefits
progressive income tax a tax that takes a larger percent of higher incomes than lower incomes
earned income tax credit (EITC) program that gives tax credits and even cash payments to qualified workers
Created by: Nelly916
Popular American Government sets

 

 



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