goods that can only be consumed one time
person must pay to consume
products that can be used many times
not excluded because you do not pay
unintended side effect of an action
to the people in an area
sole provider of goods and services with no competition
laws to prevent monopolies, promote competition
SHERMAN ANTI TRUST ACT OF 1890
combination of two or more companies, may be stopped by federal government (FTC) if monopoly may occur
situation where prices are lower by having a single firm offer services (electric power,phone lines cable etc) No take advantage of monopoly situation
pull unsafe product off market, may make repairs for free
Federal Regulatory Agencies
Part of executive Branch
Environment Protection Agency
Equal Employment Opportunity Commission
Federal Aviation Administration
Federal Communication Commission
Federal Energy Regulatory Commission
Federal trade commission
Food & Drug Administration
National Labor Relations Board
Ocupational Safety & Health Administration
Securities & Exchange Commission
measure of GDP after inflation figured in (general increase in pries over time).
graph of economy in alternating periods of growth
Real GDP goes up and decline
real GDP goes down for at lest 6 months
highest point, through = lowest point
Civilian Labor force
number of civilian working or looking for work
% of civilian labor force not working
changes in gov't spending or taxing, done to boost economy; get out of debt decreases unemployment etc.
Consumer Price Index
Gov't samples prices to track inflation
share of a corporation's profits distributed to stockholders.
when stock can be sold for more than cost to invest
specific location where shares are brought and sold,
stock prices expected to rise
stock prices expected to fall
Gov't coupons to purchase food items
WIC program Women Infants Children
Women Infants Children= help with nutrition & health care needs for low income families.
welfare programs that require work to receive benefits
progressive income tax
higher income families pay a higher rate ($50,000 may pay 28%, $100,000 may pay 40% etc).
also different from flat/proportional tax everyone pays the same rate
EITC- Earned Income Tax Credit
for low income families.