Macro test 1
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5 terms
Terms | Definitions |
|---|---|
 transfer payments | Payments to individuals or institutions that are not linked to the current supply of a good or service by the recipient. |
| public choice analysis | The study of decision making as it affects the formation and operation of collective organizations, like governments. |
| rational ignorance effect | Because it is highly unlikely that an individual vote will decide the outcome of an election, a rational individual has little or no incentive to search for and acquire the information needed to cast an informed vote. |
| user charges | payments users (consumers) are required to make if they want to receive certain services provided by the government. |
| special interest issue | an issue that generates substantial individual benefits to a small minority while imposing a small individual cost on many other citizens. |
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