chapter 23
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Created by:
Paola-De-La-Rosa on May 23, 2012
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42 terms
Terms | Definitions |
|---|---|
 private goods | goods that can only be consumed one time |
| exclusion principle | person must pay to consume |
| public goods | products that can be used many times |
| non-exclusion principle | not excluded because you do not pay |
| externality | unintended side effect of an action |
| negative | to the people in an area |
| monopoly | sole provider of goods and services with no competition |
| Anti-Trust laws | laws to prevent monopolies, promote competition SHERMAN ANTI TRUST ACT OF 1890 |
| Morger | combination of two or more companies, may be stopped by federal government (FTC) if monopoly may occur |
| Natural Monopoly | situation where prices are lower by having a single firm offer services (electric power,phone lines cable etc) No take advantage of monopoly situation |
| Recall | pull unsafe product off market, may make repairs for free |
| Federal Regulatory Agencies | Part of executive Branch |
| EPA | Environment Protection Agency |
| EEOC | Equal Employment Opportunity Commission |
| FAA | Federal Aviation Administration |
| FCC | Federal Communication Commission |
| FERC | Federal Energy Regulatory Commission |
| FTC | Federal trade commission |
| FDA | Food & Drug Administration |
| NLRB | National Labor Relations Board |
| OSHA | Ocupational Safety & Health Administration |
| SEC | Securities & Exchange Commission |
| Real GDP | measure of GDP after inflation figured in (general increase in pries over time). |
| Business Cycle | graph of economy in alternating periods of growth |
| Expansion | Real GDP goes up and decline |
| Contraction/ Recession | real GDP goes down for at lest 6 months |
| Peak | highest point, through = lowest point |
| Civilian Labor force | number of civilian working or looking for work |
| Unemployment rate | % of civilian labor force not working |
| fiscal policy | 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 |
| Divided | share of a corporation's profits distributed to stockholders. |
| capitalgain | when stock can be sold for more than cost to invest |
| Stock Market | specific location where shares are brought and sold, |
| bull market | stock prices expected to rise |
| bear market | stock prices expected to fall |
| Food stamps | 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. |
| worfare | 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). |
| regnessive tax | also different from flat/proportional tax everyone pays the same rate |
| EITC- Earned Income Tax Credit | for low income families. |
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