Scheduled maintenance: Saturday, August 7 from 5PM to 6PM PDT
Upgrade to remove ads
Unit 3: Government and The Economy
Terms in this set (21)
In Economics, the businesses that provide a good or service that is SIMILAR to another business. Businesses that COMPETE to gain consumers and sales.
(law) a proceeding that permits a person to enter into a lawsuit already in progress
An economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume
Goods and services used by all people and that cannot be withheld from people who don't help to pay for them.
Economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services
An economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services, An economy in which decisions about production and consumption are made by individual producers and consumers.
An economic system controlled by strong, centralized government, which usually focuses on industrial goods. With little attention paid to agriculture and consumer goods.
An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion.
A phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all
A legal minimum on the price at which a good can be sold, A minimum price for a good or service
A legal maximum on the price at which a good can be sold, A maximum price that can be legally charged for a good or service
A positive or negative environmental stimulus that motivates behavior., A positive or negative environmental stimulus that motivates behavior
A minimum price that an employer can pay a worker for an hour of labor
a price ceiling placed on rent, a price ceiling placed on apartment rent
Number of unemployed/civilian labor force, Measures the number of people who are able to work, but do not have a job during a period of time.
A general and progressive increase in prices, A rise in the general level of prices in an economy.
Cost of Living
The average cost of life's basic necessities, such as shelter, food, and clothing., average cost of basic necessities of life (as food and shelter and clothing)
a wage that enables workers to support a decent life for themselves and their families, a wage sufficient for a worker and family to subsist comfortably
A level of personal or family income below which one is classified as poor according to government standards., A method used to count the number of poor people, it considers what a family must spend for an "austere" standard of living.
Earned Income Tax Credit (EITC)
a "negative income tax" that provides income to very poor individuals in lieu of charging them federal income taxes, A federal welfare program that refunds all or part of a poor family's social security tax.
(Congressional Budget Office)
CBO is a federal agency within the legislative branch of the United States government that provides economic data to Congress.
You might also like...
Unit 1 (Bold terms)
Economics- Unit 1 Study Guide
Economics- Unit 1 Study Guide
Unit 3 Economic Indicators