Untit 17
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36 terms
Terms | Definitions |
|---|---|
 Private goods | when consumed by one individual cannot be consumed by another. |
| Public goods | goods that can be consumed by one person without preventing the consumption of the good by another. |
| Externality | unintended side effect of an action. |
| Monopoly | sole provider of a good or service. |
| Antitrust laws | laws to preserve competition . |
| Merger | combination of two or more companies into a single business. |
| Natural monopoly | a market situation in which the costs of production are minimized or lessened by having a single firm produce the product. |
| Recall | situation in which an unsafe product is pulled off the market. |
| Real GDP | to avoid being misled in this way. |
| Business cycle | ... |
| Civilian labor force | ... |
| Unemployment rate | ... |
| Inflation | ... |
| Consumer price index | ... |
| Women,Infants, and children (WIC) | ... |
| Workfare | ... |
| Progressive income tax | ... |
| Earned Income tax credit | ... |
| Currency | ... |
| Central bank | ... |
| Federal reserve "Fed" | ... |
| Monetary policy | ... |
| Discount rate | ... |
| reserve | ... |
| Certificates of deposit | ... |
| Mandatory spending | ... |
| Discretionary spending | ... |
| Social security | ... |
| Medicare | ... |
| intergovernmental revenues | ... |
| sales tax | ... |
| Subsidize | ... |
| Surplus | ... |
| deficit | ... |
| Bonds | ... |
| Balanced budget | ... |
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