Main Concepts
Definitions
Failure Types
Subsidies
Theories
100
Relationship between the quantity of a good that consumers are willing to buy and the price of the good
What is Demand Curve?
100
may lead to welfare losses
What is monopolies
100
a subsidy thst comes from breaks in taxes
What is Tax breaks
100
Policies are the result of values and preferences of governing elites
What is Elliot theory
200
Relationship between the quantity of a good producers are willing to offer and the price of the good
What is Supply Curve?
200
Marked the beginning of the cooperative movement. It granted exceptions to Antitrust policies
What is Capper-Volstead Act of 1922
200
“external impacts” to the transaction that go without economic compensation
What is Externalities
200
A regulated tax that happens year round
What is Regulate
200
Public policy results from the continuous struggle among interest groups
What is Group Theory
300
Difference between the maximum amount consumers are willing to pay for a good or service and the amount actually paid
What is Consumer Surplus?
300
food aid
What is Agricultural Act of 1949
300
third party harmed by a transaction
What is Negative externality
300
An educated tax that gives people the tax cuts they need
What is Educate
300
Institution refers to both the organizations and the rules used to structure patterns of interaction within and across organizations
What is Institutional Theory
400
Difference between the amount of the producer is willing to supply goods for and the actual amount received by him when he makes the trade
What is Producer Surplus?
400
Ag Subsidies to counter low commodity prices
What is New Deal Act
400
third party benefits from the transaction
What is Positive externality
400
Direct tax cuts from the government.
What is Direct services
400
 Policy decisions made by self-interested individual policy actors
What is Rational Choice Theory
500
Net loss of total surplus
What is Deadweight Loss?
500
that individuals consistently follow in dealing with a problem
What is purposive course of action
500
Incomplete information for consumers to make good decisions on their own (e.g., processed food, health insurance, college loans
What is Information failure
500
MArket tax breaks that allow people to get around them
What is Market INCENTIVES
500
Government responds to demands from interest groups and the public by making policy.
What is Political Systems Theory
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