Government aid to the poor
What is welfare?
The concept that people may decide what agreements they want to enter into.
What is free contract?
The total value of all final goods and services produced in a particular economy
What is GDP?
A shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers
What is public good?
A commitment to the value of work and purposeful activity
What is work ethic?
Direct payments of money to eligible poor people
What are cash transfers?
The concept that people have the right and privilege to control their possessions as they wish.
What are private property rights?
The process used to produce a good or service
What is technology?
The concerns of the public as a whole
What is public interest
A situation in which the market does not distribute resources efficiently
What is a market failure?
Goods and services provided for free or at greatly reduced prices
What are in-kind benefits?
The concept that everyone can compete in the marketplace.
What is open opportunity?
A period of macroeconomic expansion followed by a period of contraction
What is a business cycle?
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
What is a free rider?
An income level below that which is needed to support families or households
What is poverty threshold?
Laws requiring companies to provide full information about their products.
What are public disclosure laws?
A private organization that tries to persuade public officials to act or vote according to group members' interests
What is an interest group?
The study of the behavior and decision making of entire economies
What is macroeconomics?
The part of the economy that involves the transactions of individuals and businesses
What is the private sector?
The force that encourages people and organizations to improve their material well-being
What is profit motive?
The rivalry among sellers to attract customers while lowering costs.
What is competition?
The concept that people may decide what and when they want to buy and sell
What is voluntary exchange?
The study of the economic behavior and decision making of small units, such as individuals, families, and businesses
What is microeconomics?
The part of the economy that involves the transactions of the government
What is the public sector?
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
What is externality?