Public
laws requiring companies to provide full information about their products.
Public Disclosure Laws
Profit Motive
that has not yet been won or lost and is at any of the following sales stages: prospecting, qualification, needs analysis, proposal, price quote, negotiation, or review.
Open Opportunity
people may decide what agreements they want to enter into
Free Contract
transaction where parties trade goods or services freely, with no coercive or restrictive force involved
Voluntary Exchange
the welfare or well-being of the general public" and society
Public Interest
the part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity
Macroeconomics
Tangible and intangible things owned by individuals or firms over which their owners have exclusive and absolute legal rights
Private Property Rights
the application of scientific knowledge for practical purposes, especially in industry
Technology
the activity or condition of competing.
Competition
is a good that is both non-excludable and non-rivalrous.
Public Good
the part of economics concerned with single factors and the effects of individual decisions.
Microeconomics
a group of people that seeks to influence public policy on the basis of a particular common interest or concern
Interest Group
type of market failure that occurs when those who benefit from resources, public goods, or services of a communal nature do not pay for them.
Free Rider
a monetary measure of the market value of all the final goods and services produced in a specific time period, often annually.
GDP
any non- confidential communication which an inventor or invention owner makes available to one or more members of the public, revealing the existence of the invention and enabling an appropriately experienced individual (" person having ordinary skill in the art ") to reproduce the invention.
Public Sector
poverty limit or poverty line is the minimum level of income deemed adequate in a particular country.
Poverty Threshold
inefficient distribution of goods and services in the free market
Market Failure
a side effect or consequence of an industrial or commercial activity that affects other parties without this being reflected in the cost of the goods or services involved, such as the pollination of surrounding crops by bees kept for honey
Externality
Work Ethic
the part of the national economy that is not under direct government control.
Private Sector
a direct transfer payment of money to an eligible person.
Cash Transfers
is the downward and upward movement of gross domestic product around its long-term growth trend
Business Cycle
hich employees or directors receive from their employment but which are not included in their salary cheque or wages
In-Kind Benefits
the health, happiness, and fortunes of a person or group.
Welfare