quizlet vocab 3
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Last updated 6:28 PM on 2/15/23
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25 Terms
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profit motive
encourages people and organizations to improve their material well-being
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open oppurtunity
everyone can compete in the market place
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legal equality
giving everyone the same legal rights
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private property rights
the right to control their possessions as they wish
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free contract
freedom to decide what agreements they want to enter into
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voluntary exchange
the right to decide what and when to buy or sell
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competition
rivalry among sellers to attract consumer
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public disclosure laws
requires companies to give full info on their product
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public interest
the concerns of the public as a whole.
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macroeconomics
the study of the behavior and decision-making of the entire economy
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microeconomics
the study of the economic behavior and decision-making of small units such as individuals families and businesses.
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business cycle
a period of macroeconomic expansion followed by a period of contradiction
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gross domestic product
the total value of all final goods and services produced in a particular economy
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technology
the process used to produce a good or service
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market failure
a situation in which the market does not distribute resources efficiently
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free rider
someone who would not choose to pay for certain goods of service.
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poverty threshold
an income level below that which is needed to support a household.
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cash transfers
direct payments of money to eligible poor people
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standard of living
level of economic well-being.
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in-kind benefits
goods and services provided for free or at greatly reduced prices.
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welfare
government aid to the poor
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2 roles of the consumer
freedom to make their own economic choices. joining an interest group to persuade public officials to act according to their interests
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4 roles of the government
public disclosure laws, environmental protection, public interest, consumer protection
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2 indicators of economic stability
general price levels and the health of the nations financial institutions
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medicaid
health insurance for the elderly, the poor, and the disabled
