Goods that can only be consumed by one individual.
Goods that can be consumed by more than one person
Unintended side effect on an action that affects someone not involved in the action.
Sole provider of a good or service.
Laws to control monopoly power and to preserve and promote competition.
A combination of two or more companies to form a single business.
market situation in which the costs of production are minimized by having a single firm produce the product.
When a company pulls a product off the market or agrees to change it to make it safe.
a measure of the economy's production after the distortions of price increases have been removed.
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.
Percentage of people in the civilian labor force who are not working but are looking for jobs.
Changes in government spending or tax policies.
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.
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.
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.