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5.04 Key Terms
| Term | Definition |
|---|---|
| Disposable Income: | The amount of money people have to spend, or dispose of, after they have paid their taxes; also called discretionary income |
| FCC: | A government agency that regulates interstate and international communications by radio, television, wire, satellite, and cable |
| FTC: | A government regulatory agency that administers and enforces antitrust laws to prevent price fixing and to prohibit unfair competitive practices |
| Fiscal Policy: | The government policy that sets levels of government spending and taxation |
| FDA: | The regulatory agency established by the federal government to enforce laws that protect consumers’ health |
| Licensing: | Issuing a government permit that allows an individual or a business to function in the marketplace |
| Monetary Policy: | The government policy that determines the amount of money that will be in circulation and the level of interest rates |
| Monopoly: | A condition in which a market is controlled by one supplier with no substitute goods or services readily available |
| Natural Monopoly: | A single business that influences the entire production of a particular good or service because it is in the best interests of the public for the business to do so |
| OSHA: | A federal government agency that writes and enforces safety and health standards for businesses |
| Price Piscrimination: | An illegal activity in which a business charges different customers different prices for similar amounts and types of products |
| Price Supports: | Assistance by government in maintaining the price of a good or service to enable the producers to earn a profit |
| Private Enterprise System: | An economic system in which individuals and groups, rather than government, own or control the means of production; also known as free market economy, private profit system, market system, capitalistic system, or free enterprise system |
| Private Sector: | That part of the economy that is owned and controlled by individuals and/or businesses |
| Public Goods: | Goods and services that are used by all people and cannot be withheld from people who don't help to pay for them |
| Public Sector: | That part of the economy that is owned and operated by government at all levels, e.g., schools, libraries, highway systems |
| Subsidy: | Government financial help given to a business |
| Tariff: | A tax on imported goods; also called duty |
Created by:
drakon0130
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