Ch. 23 Vocab.
Order by
24 terms
Terms | Definitions |
|---|---|
 Private Goods | Goods that can only be consumed by one individual. |
| Excluded | Prevented |
| Public Goods | Goods that can be consumed by more than one person |
| Externality | Unintended side effect on an action that affects someone not involved in the action. |
| Acheive | Reach |
| Monopoly | Sole provider of a good or service. |
| antitrust laws | Laws to control monopoly power and to preserve and promote competition. |
| merger | A combination of two or more companies to form a single business. |
| natural monopoly | market situation in which the costs of production are minimized by having a single firm produce the product. |
| minimize | lessen |
| recall | When a company pulls a product off the market or agrees to change it to make it safe. |
| period | phase |
| Real GDP | a measure of the economy's production after the distortions of price increases have been removed. |
| business cycle | alternating periods of growth and decline that the economy goes through. |
| Civilian labor force | All civilians 16 years old or older who are either working or are looking for work. |
| Unemployment rate | Percentage of people in the civilian labor force who are not working but are looking for jobs. |
| Fiscal policy | Changes in government spending or tax policies. |
| Inflation | Substained increase in the general level of prices. |
| Consumer price index | Popular measure of the price level. Includes the prices of 400 products commonly used by the consumers. |
| Food stamp | government coupons that can be used to purchase food. |
| Women, Infants and Children | Welfare program that provides help with nutrition and health care to low-income women, infants and children up to the age of 5. |
| Workfare | Term used to describe programs that require welfare recipients to exchange some of their labor in exchange for benefits. |
| Progressive income tax | Tax rate lower at lower incomes and higher for higher incomes. |
| Earned Income Tax Credit | Gives tax credits and even cash payments to qualified workers. Helps low-income families and individuals. |
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