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10 terms

Economics in the US - Revised

STUDY
PLAY
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)