Programs or ideas that help people
Freedom and Rights
Promoting Growth and Stability
Private and Public
Miscellaneous
100

Government aid to the poor

What is welfare?

100

The concept that people may decide what agreements they want to enter into. 

What is free contract?

100

The total value of all final goods and services produced in a particular economy

What is GDP?

100

A shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers

What is public good?

100

A commitment to the value of work and purposeful activity

What is work ethic?

200

Direct payments of money to eligible poor people

What are cash transfers?

200

The concept that people have the right and privilege to control their possessions as they wish.

What are private property rights?

200

The process used to produce a good or service

What is technology?

200

The concerns of the public as a whole

What is public interest

200

A situation in which the market does not distribute resources efficiently

What is a market failure?

300

Goods and services provided for free or at greatly reduced prices


What are in-kind benefits? 


300

The concept that everyone can compete in the marketplace.

What is open opportunity?

300

A period of macroeconomic expansion followed by a period of contraction

 

What is a business cycle?

300

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?

300

An income level below that which is needed to support families or households

What is poverty threshold?

400

Laws requiring companies to provide full information about their products.

What are public disclosure laws?

400

A private organization that tries to persuade public officials to act or vote according to group members' interests

What is an interest group?

400

The study of the behavior and decision making of entire economies

What is macroeconomics?

400

The part of the economy that involves the transactions of individuals and businesses

What is the private sector?

400

The force that encourages people and organizations to improve their material well-being

What is profit motive?

500

The rivalry among sellers to attract customers while lowering costs.

What is competition?

500

The concept that people may decide what and when they want to buy and sell

What is voluntary exchange?

500

The study of the economic behavior and decision making of small units, such as individuals, families, and businesses

What is microeconomics?

500

The part of the economy that involves the transactions of the government

What is the public sector?

500

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?

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