Concerns the Public
The concerns of the public as a whole
Public Interest
An income level below which income is insufficient to support families or households
Poverty Threshold
Interest Group
The study of the behavior and decision making of entire economy
Macroeconomics
The process used to produce a good or service
Technology
Laws and standards on topics of public interest
Public Policy
Government aid to the poor
Welfare
The part of the economy that involves the transactions of individuals and businesses
Private Sector
The study of the economic behavior and decision making of small units, such as individuals, families, and businesses
Microeconomics
An example of this is the American Civil Liberties Union (ACLU) which works to protect the Constitutional rights and freedom of Americans
Interest Group
A shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers
Public Good
Direct payments of money to eligible poor people
Cash Transfers
The study of the economic behavior and decision making of small units, such as individuals, families, and businesses
Microeconomics
The dollar value of all final goods and services produced within a country's borders in a given year
Gross Domestic Product (GDP)
Examples of this include food stamps, subsidized housing, and legal aid
In-kind Benefits
The part of the economy that involves the transactions of the government
Public Sector
Goods or services provided for free or at greatly reduced prices
In-kind Benefits
Someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provided as a public good
Free rider
A period of macroeconomic expansion followed by a period of contraction
Business Cycle
For a three-person household in the United States, an annual income of $25,094 is considered to be this
Poverty Threshold
Laws requiring companies to provide information about their products
Public Disclosure Laws
Someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provided as a public good
Free Rider
A shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers
Public Good
A situation in which the market does not distribute resource efficiently
Market Failure
An economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume
Externality