GDP after adjustments for inflation
What is real GDP?
A major economic depression that began in 1929
What is the Great Depression?
Alternating periods of growth and decline in the economy
What is a business cycle?
Aid given by the government to the poor
What is welfare?
An action that causes an unsafe product to be removed from store shelves
What is a recall?
An economic good that is used collectively (ie a park, sidewalk, the police, etc.)
What is a public good?
The act that was passed that banned monopolies and other forms of business that prevent competition
What is the Sherman Act?
or
What is the Clayton Act?
The percentage of people who are without a job
What is poverty?
These laws help maintain competition in the economy
What is antitrust laws?
A period of declining economic activity lasting six months or longer
What is a recession?
This event happened in December of 2007 and ended in June of 2009
What is the Great Recession?
Long-term increase of prices
What is inflation?
Former president Barack Obama said this is the key to income
What is education?
A market situation in which the costs of production are minimized by having a single firm produce a product
What is a natural monopoly?
A combination of two or more companies to form a single business
What is a merger?
This act gave protection to those with a disability in the work force
What is the Americans with Disabilities Act (ADA)?
The highest point of growth in a business cycle
What is a peak?
Programs that require welfare recipients to work to exchange their labor for benefits
What is workfare?
The side effects produced by economic activities
What is an externality?
Programs that require welfare recipients to exchange some of their labor for benefits
What is workfare?
This act - passed in 1963 - required that men and women be paid equally for equal work
What is the Equal Pay Act?
Also known as a contraction - this event happens before a trough in a business cycle
What is a recession?
This act aims to increase the number of minorities and women in a work place
What is affirmative action?
This agency is responsible for ensuring our food, drugs, medical equipment, and cosmetics are safe
What is the FDA?