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Private goods

when consumed by one individual cannot be consumed by another.

Public goods

goods that can be consumed by one person without preventing the consumption of the good by another.


unintended side effect of an action.


sole provider of a good or service.

Antitrust laws

laws to preserve competition .


combination of two or more companies into a single business.

Natural monopoly

a market situation in which the costs of production are minimized or lessened by having a single firm produce the product.


situation in which an unsafe product is pulled off the market.

Real GDP

to avoid being misled in this way.

Business cycle


Civilian labor force


Unemployment rate




Consumer price index


Women,Infants, and children (WIC)




Progressive income tax


Earned Income tax credit




Central bank


Federal reserve "Fed"


Monetary policy


Discount rate




Certificates of deposit


Mandatory spending


Discretionary spending


Social security




intergovernmental revenues


sales tax








Balanced budget


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