Preserving Econ. Freedom
the concerns of the public as a whole
Public interest
an income level below which income is insufficient to support families or households
Poverty threshold
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
Free rider
the study of the behavior and decision making of entire economics
Macroeconomics
laws and standards on topics of public interest
Public policy
government aid to the poor
Welfare
a situation in which the market does not distribute resource efficiently
Market failure
the study of the economic behavior and decision making of small units, such as individuals, families, and businesses
Microeconomics
a private organization that tries to persuade public officials to act or vote according to group members' interests
Interest group
direct payments of money to eligible poor people
Cash transfers
a shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers
Public good
the dollar value of all final goods and services produced within a country's borders in a given year
Gross Domestic Product
laws requiring companies to provide information about their products
Public disclosure laws
goods and services provided for free or at greatly reduced prices
In-kind benefits
the part of the economy that involves the transactions of individuals and buisnesses
Private sector
a period of macroeconomic expansion followed by a period of contraction
Business cycle
the part of the economy that involves the transactions of the government
Public sector
the process used to produce a good or service
Technology