Economics C3: American Free Enterprise
Terms
undefined, object
copy deck
- What is a Profit Motive?
- The force that encourages people and organizations to improve their material well- being
- What is Open Opportunity?
- The concept that everyone can compete in the marketplace.
- What is Legal Equity?
- The concept of giving everyone the same legal rights.
- What is a Free Contract?
- The concept that people have the right and privilege to control their possessions as they wish.
- What is Competition?
- The rivalry among sellers to attract customers while lowering costs.
- What is an Interest Group?
- A private organization that tries to persuade public officials to act or vote according to group members interests.
- What is a Public Disclosure Law?
- A law requiring companies to provide full information about their products.
- What is Public Interest?
- The concerns of the public as a whole.
- What is Macroeconomics?
- The study of the behavior and decision making of entire economies.
- What is Microeconomics?
- The study of the economic behavior and decision-making of small units, such as individuals, families, households, and businesses.
- What is the Gross Domestic Product? (GDP)
- The total value of all final goods & services produced within a particular economy.
- What is a Business Cycle?
- A period of Macroeconomic expansion followed by a period of contraction/decline.
- What is the Public Good?
- A shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers
- What is the Public Sector?
- The part of the economy that involves the transactions of the government.
- What is the Private Sector?
- The part of the economy that involves the transactions of individuals and businesses.
- What is a Free Rider?
- Someone who would not choose to pay for a certain good/service, but who would get the benefits of it anyway, if it were provided as a public good.
- What is Externality?
- An economic side effect of a good/service that generates benefits or costs to someone other than the person deciding how much to produce or consume.
- What is a Poverty Threshold?
- An income level below that which is needed to support families or households.
- What is Welfare?
- Government aid to the poor.
- What are Cash Transfers?
- Direct payments of money to eligible poor people.
- What are In-Kind Benefits?
- Goods and services provided for free or at greatly reduced prices.
- What is Market Failure?
- A situation in which the market does not distribute resources efficiently.
- What is the Work Ethic?
- A commitment to the value of work and purposeful activity.
- What is Technology?
- The process used to produce a good or service.
- What are Private Property Rights?
- The concept that people have the right & privilege to control their possessions as they wish.