Chapter 11: The Role of Government in Our Economy

Privatization

________ occurs when a business offers a public good or service.

Trademark

A(n) ________ is a name, a symbol, or a charac- teristic that identifies a product.

Patent

A(n) ________ is a legal grant for the sole right to own an invention.

Revenue

________ is also money that comes into a business from the sale of goods and services.

Government

________ is the largest provider of services in the country.

Oligopoly

A(n) ________ occurs when a small number of companies control an industry.

Monopoly

A(n) ________ occurs when a company controls an industry or is the only one to offer a product or service.

Intrastate commerce

________ is business that takes place within states.

US government

The ________ helps some businesses compete internationally by providing subsidies.

Antitrust laws

________ allow the federal government to break up monopolies, regulate them, or take control of them.

businesses

The government provides many incentives to ________ and consumers.

Social Security

Unemployment, ________, and veterans benefits are forms of transfer payments.

SBA

The ________ offers loans and advice to people who want to open small businesses.

Government spending

________ also affects the distribution of income.

Subsidies

________ are monetary grants given to producers or consumers to encourage certain behaviors.

Public goods

________ and services are items provided by government and paid for using tax money.

enforceable agreement

A contract is a legally ________ between two or more parties.

Transfer payment

A(n) ________ is a government expense that is provided to help people.

Interstate commerce

________ is business that takes place between states.

group of companies

A trust is a(n) ________ that band together to form a monopoly and cut out competition.

Drug Administration

The Food and ________ (FDA) regulates the manufacture and sale of drugs in the United States.

Breach of contract

________ occurs when one party fails to live up to the terms of a contract.

Governments

________ allocate resources by deciding the best ways to spend tax revenues.

Revenue

________ is the income that governments get from all sources.

Government

________ is also the largest consumer of goods and services.

There are three levels of government

federal, state, and local

A trademark is a name, a symbol, or a charac

teristic that identifies a product

A tax is an amount of money people and businesses pay gov

ernments to help run the nation, state, county, city, or town