ECO Topic 2 Voc Pt2 Word Scramble
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| Term | Definition |
| profit motive | the incentive that drives individuals and business owners to improve their material well-being |
| legal equality | the principle that everyone has the same legal rights |
| private property rights | the principle that people have the right to control their possessions and use them as they wish |
| interest group | a private organization that tries to persuade public officials to act in ways that benefit its members |
| patriotism | love of one’s country |
| eminent domain | the right of a government to take private property for public use |
| public interest | the concerns of society as a whole |
| microeconomics | the study of economics behavior and decision-making in small units, such as households and firms |
| macroeconomics | the study of economic behavior and decisions in a nation’s whole economy |
| gross domestic product | the dollar value of all final goods and services produced within a country’s borders in a given year |
| business cycle | a period of macroeconomic expansion, or growth followed by one of contraction, or decline |
| patent | a license that gives the inventor of a new product the exclusive right to sell it for a specific period of time |
| copyright | a government document that grants an author exclusive rights to publish and sell creative works |
| work ethic | a commitment to the value of work |
| 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 |
| public sector | the part of the economy that involves the transactions of the government |
| private sector | the part of the economy that involves the transactions of individuals and businesses |
| infrastructure | that basic facilities that are necessary for a society to function and grow |
| 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 |
| market failure | a situation in which the free market, operating on its own, does not distribute resources efficiently |
| 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 |
| poverty threshold | an income level below that which is needed to support families or households |
| welfare | government aid to the poor |
Created by:
cwarsing
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