Econ Ch 3 Salvucci Word Scramble
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
| Definition | Term |
| all those who live under one roof | Household |
| Their level of satisfaction or sense of well-being | utility |
| economic unit formed by a profit-seeking entrepreneur who combines resources to produce goods & services & accepts the risk of profit and loss | Firm |
| the development of large-scale factory production | Industrial Revolution |
| guarantee individuals the right to use their resources as they choose or to change others for the use | Private Property Rights |
| attempt to promote competition and reduce anti competitive behavior | Antitrust Laws |
| When it is cheaper for one more firm to serve the market then for two or more firms to do so | Natural Monopoly |
| uses taxing and public spending to influence national economic variables | Fiscal Policy |
| tries to apply the right amount of money to help stabilize the business cycle and promote healthy economic growth | Monetary Policy |
| both rival and exclusive | Private goods |
| non-rival in consumption | Public goods |
| goods that are non-rival but exclusive | Quasi-public goods |
| goods that are rival but nonexclusive | open-access goods |
| by- products of production or consumption that impose cost on third parties | Negative Externalities |
| occur when the by- products consumption or production benefit third parties | Positive Externalities |
| middle income when incomes are ranked from lowest to highest | Median income |
| known as welfare programs, provide money and in kind assistance to poor people | Income-assistance programs |
| 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 |
Created by:
dsalvucci
Popular Economics sets