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36 terms

Untit 17

C&E
STUDY
PLAY
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.
Externality
unintended side effect of an action.
Monopoly
sole provider of a good or service.
Antitrust laws
laws to preserve competition .
Merger
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.
Recall
situation in which an unsafe product is pulled off the market.
Real GDP
to avoid being misled in this way.
Business cycle
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Civilian labor force
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Unemployment rate
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Inflation
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Consumer price index
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Women,Infants, and children (WIC)
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Workfare
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Progressive income tax
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Earned Income tax credit
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Currency
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Central bank
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Federal reserve "Fed"
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Monetary policy
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Discount rate
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reserve
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Certificates of deposit
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Mandatory spending
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Discretionary spending
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Social security
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Medicare
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intergovernmental revenues
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sales tax
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Subsidize
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Surplus
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deficit
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Bonds
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Balanced budget
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