2.02 Vocabulary

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Disposable income
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Terms in this set (18)
Disposable income
The amount of money people have to spend, or dispose of after they have paid their taxes; also called discretionary income
Federal Communications Commission (FCC)
A government agency that regulates interstate and international communications by radio, television, wire, satellite, and cable
Federal Trade Commission (FTC)
A government regulatory agency that administers and enforces antitrust laws to prevent price-fixing and to prohibit unfair competitive practices
Fiscal policy
The government policy that sets levels of government spending and taxation
Food and Drug Administration (FDA)
The regulatory agency was established by the federal government to enforce laws that protect consumers' health
Licensing
Issuing a government permit that allows an individual or a business to function in the marketplace
Monetary policy
The government policy that determines the amount of money that will be in circulation and the level of interest rates
Monopoly
A condition in which a market is controlled by one supplier with no substitute goods or services readily available
Natural monopoly
A single business that influences the entire production of a particular good or service because it is in the best interests of the public for the business to do so
Occupational Safety and Health Administration (OSHA)
A federal government agency that writes and enforces safety and health standards for businesses
Price discrimination
An illegal activity in which a business charges different customers different prices for similar amounts and types of products
Price supports
Assistance by the government in maintaining the price of a good or service to enable the producers to earn a profit
Private enterprise system
An economic system in which individuals and groups, rather than government, own or control the means of production; also known as a free-market economy, private profit system, market system, capitalistic system, or free enterprise system
Private sector
That part of the economy that is owned and controlled by individuals and/or businesses
Public goods
Goods and services that are used by all people and cannot be withheld from people who don't help pay for them