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Part 2
Part 3
Part 4
Part 5
100
requires companies to inform consumers about the products they use
Public disclosure laws
100
This is one negative effect of government regulation on businesses or being in business...
It is expensive for businesses to follow rules
100
How do consumers influence the United States economy?
They have consumer freedom to buy what they deem important.
100
when the free market alone does not distribute resources efficiently
market failure
100
The government's license that protects an inventor's rights
Patent- allows inventors to protect their invention
200
Allows people to buy or sell what they choose
voluntary exchange
200
Name 3 goals of promoting economic strength?
High employment steady growth stability
200
What is role of government in an free enterprise system.
There is the role of being a safety net for the poverty, protect right to open business and have private property with the Constitutution. Gov't offers public goods like bridges, roads, schools and police to protect the public and offer services that other wise no one would pay for. Govt encourage growth and stability by offering patents and copyrights. They monitor unemployment and interest rates from the banks to make sure people are able to borrow to create and have businesses and purchase consumer goods like homes and cars. They monitor the gross domestic product with a healthy GDP the economy health increases. If people feared that the economy was not stable, it would discourage people from spending money.
200
government license that protects an author's works
copyright
200
You are listening to the public radio station and they are asking for money. You do not send money but you still watch the shows. What is this situation called?
The FREE RIDER PROBLEM. You use the publc goods but you don't pay for them. Example, you use roads in other states but you pay taxes in Virginia.
300
A woman has the right of ________ so she can sign an agreement with her employer to work for one year
free contract
300
Why do public goods demonstrate the limitations of a free market economy
They allow government to make SOME economic decisions
300
Tom and Sue qualify for section 8 housing. What kind of benefit is this?
An IN KIND benefit. They get rent at reduced price.
300
total value of all final goods and services produced in a country in a given year
gross domestic product ( GDP)
300
economic side effect of a good or service
externality
400
Public goods are financed by ____________.
The PUBLIC SECTOR
400
If a student volunteers at a homeless shelter for a day, which of the following might be a negative externality?
She may be unable to work at another PART TIME job that afternoon.
400
What is a contraction period?
Is is used when talking about the BUSINESS CYCLE. It is a decline in GDP.
400
The well being of all the people
The Public interest
400
study of small units
microeconomics
500
Bill of Rights and the Constitution protects individual freedom to engage in business activites because it ___________
Recognizes your property rights
500
This safety net provides health insurance for older people, poor people and disabled people
Medicare and Medicaid
500
The study of the overall economy
Macroeconomics
500
What does eminent domain mean?
This gives the right of the government to take private property for public use
500
pattern of economic growth and decline
business cycle
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