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monopoly

a sole/single provider of a good or service than can charge any price it wants (no competitors)Government

merger

a combination of 2 or more companies that come together to form a single comany

True

True or False. Governments step in to prevent mergers if competition is threatened - no monolopy allowed.

taxes

The goods and services provided by the Federal Government are paid for by our ____________

goods

items we buy (food, clothing, cars)

services

public or private transportation, cell phones, haircuts, medical care are examplesof

Federal Government provides.

Who provides these services: transportation (bus), libraries, national security, highway development and maintenance, free medical care for underpriveledge families?

Economic Growth

As demand increases, and businesses need to produce more goods and services, they require more employees. As a result, more people are earning money, and in turn, are able to buy more. It's a dominoe effect. This is how we measure E____ G_____

Antitrust laws

preserves (protects) and promotes (encourages) good compettition between businesses; It pushes industry to do better

Sherman Antitrust Act

developed in 1911 to break u the standard oil company which was monopolizing the industry. Today, government steps in to prevent a monopoly, or shut down a monopoly (for example, AT&T recently wanted to be the only cell phone company)

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