Market
Market Failure
a situation in which the market does not distribute resource efficiently
Technology
the process used to produce a good or service
Welfare
Government aid to the poor
Public Disclosure Laws
laws requiring companies to provide information about their products
Business Cycle
a period of macroeconomic expansion followed by a period of contraction
GDP
the dollar value of all final goods and services produced within a country's borders in a given year
Cash Transfers
Direct payments of money to eligible poor people
In-Kind Benefits
goods and services provided for free or at greatly reduced prices
Private Sector
the part of the economy that involves the transactions of individuals and buisnesses
Public Good
a shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers
Public Sector
the part of the economy that involves the transactions of the government
Public Interest
The concerns of the public as a whole
Macroeconomics
the study of the behavior and decision making of entire economics
Free Rider
Someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provided as a public good
Interest Group
a private organization that tries to persuade public officials to act or vote according to group members' interests
Poverty Threshold
an income level below which income is insufficient to support families or households
Microeconomics
the study of the economic behavior and decision making of small units, such as individuals, families, and businesses
an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume
Public Policy
laws and standards on topics of public interest