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Chapter 23 Vocab

Government and the Economy

TermDefinition
Private Goods Goods that when consumed by someone, can't be consumed by another
Public Goods Economic goods that are consumed collectively
Externality The unintended side effect of someone who wasn't involved
Monopoly When one enterprise dominates the market
Antitrust Laws Legislation to prevent new monopolies from forming and police those that exist
Merger A combination of two or more companies to form a single business
Natural Monopoly A market situation in which the production costs have been minimized and the company o bides by government regulations
Recall A special election where people can vote to remove and official from office
Real GDP GDP after adjustments and inflation
Business Cycle Alternating periods of growth and decline in business
Civilian Labor Force The practice of hiring government workers of open, competitive and examinations and merit
Unemployment Rate The percentage of people in the labor force that aren't working and are looking for a job
Fiscal Policy The federal governments use of spending and taxation
Inflation Sustained increase in general level of price
Consumer Price Index Measure of change in price overtime
Food Stamp Government coupons that can be used to purchase food
Women, Infants, and Children A program that provides help to and health care to low income babies, kids, and women
Workfare Programs that require welfare recipients to exchange some of their labor in return for benefits
Progressive Income Tax Larger tax on higher incomes and lower tax on lower incomes
Earned Income Tax Credit A program that gives tax credits and even cash payments to qualifies workers
Created by: alecperrell
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