Flashcards for Chapter 3 in the class Economics Book.
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| all those who live under one roof | Household
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| Their level of satisfaction or sense of well-being | utility
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| economic unit formed by a profit-seeking entrepreneur who combines resources to produce goods & services & accepts the risk of profit and loss | Firm
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| the development of large-scale factory production | Industrial Revolution
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| guarantee individuals the right to use their resources as they choose or to change others for the use | Private Property Rights
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| attempt to promote competition and reduce anti competitive behavior | Antitrust Laws
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| When it is cheaper for one more firm to serve the market then for two or more firms to do so | Natural Monopoly
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| uses taxing and public spending to influence national economic variables | Fiscal Policy
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| tries to apply the right amount of money to help stabilize the business cycle and promote healthy economic growth | Monetary Policy
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| both rival and exclusive | Private goods
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| non-rival in consumption | Public goods
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| goods that are non-rival but exclusive | Quasi-public goods
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| goods that are rival but nonexclusive | open-access goods
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| by- products of production or consumption that impose cost on third parties | Negative Externalities
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| occur when the by- products consumption or production benefit third parties | Positive Externalities
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| middle income when incomes are ranked from lowest to highest | Median income
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| known as welfare programs, provide money and in kind assistance to poor people | Income-assistance programs
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| programs designed to help make up for the lost income of people who worked but are now retired, temporarily unemployed, or unable to work because of disability | Social Insurance
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