ECO Topic 2 Vocabulary Lessons 5,6,7 PEARSON 2016
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| profit motive | the incentive that drives individuals and business owners to improve their material well-being
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| legal equality | the principle that everyone has the same legal rights
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| private property rights | the principle that people have the right to control their possessions and use them as they wish
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| interest group | a private organization that tries to persuade public officials to act in ways that benefit its members
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| patriotism | love of one’s country
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| eminent domain | the right of a government to take private property for public use
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| public interest | the concerns of society as a whole
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| microeconomics | the study of economics behavior and decision-making in small units, such as households and firms
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| macroeconomics | the study of economic behavior and decisions in a nation’s whole economy
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| gross domestic product | the dollar value of all final goods and services produced within a country’s borders in a given year
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| business cycle | a period of macroeconomic expansion, or growth followed by one of contraction, or decline
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| patent | a license that gives the inventor of a new product the exclusive right to sell it for a specific period of time
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| copyright | a government document that grants an author exclusive rights to publish and sell creative works
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| work ethic | a commitment to the value of work
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| public good | a shared good or service for which it would be inefficient or impractical to make consumers pay individually and to exclude those who did not pay
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| public sector | the part of the economy that involves the transactions of the government
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| private sector | the part of the economy that involves the transactions of individuals and businesses
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| infrastructure | that basic facilities that are necessary for a society to function and grow
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| free rider | someone who would not be willing to pay for a certain good or service but who would get the benefits of it anyway if it were provided as a public good
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| market failure | a situation in which the free market, operating on its own, does not distribute resources efficiently
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| 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
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| poverty threshold | an income level below that which is needed to support families or households
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| welfare | government aid to the poor
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Or sort by any of the columns using the down arrow next to any column heading.
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