A place where anyone from any background could achieve success through hard work.
What is the "Land of Opportunity"?
100
Macroeconomics is the study of the behavior and decision making of entire economies, while microeconomics is the study of the economics behavior and decision making of small units such as individuals, families, households, and businesses.
What is the difference between macroeconomics and microeconomics?
100
A shared good or service for which it would be inefficient or impractical to make consumers pay individually and to exclude non-payers.
What is "public good"?
100
An income level below that which is needed to support families and households.
What is poverty threshold?
100
Causes part of the cost of producing a good or service to be paid for by someone else other than the producer.
What is a negative externality?
200
The social and political commitment to giving people the freedom and flexibility to try out their business ideas and compete in the marketplace.
What is the American tradition of free enterprise?
200
In America's free enterprise system, the government plays a role in attempting to prevent wild swings in economic behavior.
Why the government tracks the business cycle or calculates GDP?
200
The benefit to each individual is less than the cost that each would have to pay if it were provided privately, and the total benefits to society are greater than the total cost
What is the cost and benefit of public goods?
200
Redistribution programs that started back in the 1930's by collecting taxes from individuals in an effort to help the poor.
What is welfare?
200
A commitment to the value of work and purposeful activity.
What is the American work ethic?
300
Profit motive, open opportunity, economic rights such as legal equality, private property right, free contract, voluntary exchange, and competition.
What are the basic principles of free enterprise?
300
Policy makers pursue three main outcomes as they seek to stabilize the economy: high employment, steady growth, and stable prices.
What is promoting economic strength?
300
Someone who would not choose to pay for a certain good or service, but would get the benefits of it anyway if it were provided as a public good.
What is a "free rider"?
300
Temporary Assistance for Needy Families (TANF), social security, unemployment insurance, and workers compensations.
What are examples of cash transfers?
300
The program collects payroll taxes from current workers and then redistributes that money to current recipients.
What is social security?
400
A private organization that tries to persuade public officials to act or vote according to the interests of the group's members.
What is an interest group?
400
It is more important than ever for American citizens to understand the macroeconomic processes that shape our future.
What is economic citizenship?
400
Companies do not build roads but if they did they can then charge a high price for tolls because of no competition. Also, they would not build roads in sparsely populated areas because they would not have a profit motive.
What is an example of a market failure?
400
Food giveaways, food stamps, subsidized housing, and legal aid
What are examples of in-kind benefits?
400
The total value of all final goods and services produced in an economy.
What is gross domestic products (GDP)?
500
Consumers use government information to protect themselves from dangerous products or fraudulent clams. Also, federal and state agencies regulate industries whose goods and services affect the well being of the public.
What is the role of the government?
500
It gives Congress the power to "promote the progress of science and useful arts, by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries
What is patents and copyrights or Article 1 Section 8 of the Constitution?
500
The government encourages the creation of positive externalities and aims to limit negative externalities.
What is government goals?
500
President George W. Bush announced a plan to rely on non-governmental support for people in need such as charities and community groups.
What is faith-based initiatives?
500
Promotes equal job opportunity through enforcement of civil rights laws, education, and other programs.
What is equal employment opportunity commission (EEOC)?