Terms
The process of transitioning publicly owned businesses to private is called
Privatization
This safety net is given to people who have lost their job
Unemployment
What is a public good?
Goods/Services provided by the government
Someone who doesn't pay but still gets the benefits
Free Rider
What's an example of a public good?
Roads
Education
Parks
GDP
This safety net is given to the poor or elderly for health insurance purposes
Medicare/Medicaid
Where does the government get it's power and money to create public goods?
Tax money
The People
Parks, airports, schools are an example of a...
Public Good
Innovation and new products is known as
Technology
This is a term for protection against people stealing a new invention
Patents
This safety net is given to the elderly to help pay for necessities once retired
Social Security
Give a reason for why public goods are necessary
Wouldn't be built without it, things we need
The sector that deals with individuals and businesses
Private Sector
Who was the father of communism?
Karl Marx
Protection against stealing your intellectual property (like music)
Copyrights
This safety net is given to people hurt on the job
Workers Comp.
What is the term for the law that requires companies to provide full information to consumers about their products?
Public Disclosure Laws
What is the public sector?
Involving the government transactions
What's one way the government improves the standard of living?
Technology
Grants
Etc
What is high economic freedom with very little government involvement?
Free Enterprise System
What is one argument against safety nets?
Expensive
Tax Money
What are 2 areas the government attempts to stabilize?
Employment
Growth
Stability
Difference between public interest and policy?
Interest = being concerned
Policy = Actual laws for change
An effect caused by an economic transaction
Externality
(Side effect) (Good or bad)