Ch 11.2 Property Rights
Rules or laws about economic activities are called ___.
Regulation
When one company dominates an industry is called ____.
Monopoly
Economists use the word _______ to describe when there is a benefit or a cost that affects someone who is not the producer or consumer.
externalities.
When the government imposes a luxury tax is called an approach to equity called ______.
ability to pay principle
The power of government to seize private property in Latin is called ____.
eminent domain
When companies collude and set a specific price is called _____.
Plastic in our oceans is called a(n) ______ externality.
negative
The word infrastructure means _____.
Building improvements, such as roads, bridges, etc.
The power of the government to seize private property comes from the ____ Amendment
5th
When competitors divide up a market area among themselves is called ________.
Market divison.
The agency that helps deal with externalities like pollution is called ____.
Environmental Protection Agency (EPA)
Gasoline taxes and tolls are examples of an approach to equity called ________.
Benefits-received principle
In a 5-4 decision, ____________ ruled that government has the right to seize private property for private developers.
Kelo v. New London (2005)
The regulatory agency responsible to investigate monopoly activities is called ____.
Federal Trade Commission (FTC)
When land isn't owned by anyone, economists believe that _________ will occur where the land will be abused by self-interested humans.
tragedy of the commons
Entitlements are _______.
Social security, Medicare, etc.
In a 6-3 decision, ___________ the Court ruled that California's regulation about labor union activities violates the Takings Clause.
Cedar Point Nursery v. Hassid (2021)
When an industry controls the regulatory agency is called ____.
Regulatory capture
To deal with externalities, the government offer incentives or rewards to companies, such as cap trade, is called _____ policy.
market-based
Michigan's six percent sales tax is example of ____ tax structure.
Regressive tax