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ECO Topic 2 Vocabulary Lessons 5,6,7 PEARSON 2016

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Term
Definition
show the incentive that drives individuals and business owners to improve their material well-being  
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legal equality   show
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show the principle that people have the right to control their possessions and use them as they wish  
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show a private organization that tries to persuade public officials to act in ways that benefit its members  
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show love of one’s country  
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eminent domain   show
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public interest   show
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show the study of economics behavior and decision-making in small units, such as households and firms  
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macroeconomics   show
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gross domestic product   show
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business cycle   show
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patent   show
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show a government document that grants an author exclusive rights to publish and sell creative works  
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show a commitment to the value of work  
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public good   show
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public sector   show
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show the part of the economy that involves the transactions of individuals and businesses  
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infrastructure   show
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free rider   show
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show a situation in which the free market, operating on its own, does not distribute resources efficiently  
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show 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   show
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show government aid to the poor  
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