1
the principle that everyone has the same legal rights
legal equality
situation in which older products and processes become out-of-date
Obsolescence
the total value of all final goods and services produced in a country in a given year
GDP
the part of the economy that involves the transactions of individuals and businesses
private sector
What drink is sometimes called "the green fairy"?
Absinthe
the principle that people may decide what agreements they want to enter into
free contract
an income level below that which is needed to support families and households
poverty threshold
the incentive that drives individuals and business owners
Profit motive
laws requiring companies to provide information about their products or services
public discourse laws
What’s another name for a footrest?
Ottoman
the principle that anyone can compete in the marketplace
Open opportunity
the principle that people may decide what, when, and how they want to buy and sell
voluntary exchange
goods and services provided for free or greatly reduced prices
in kind benefits
direct payment of money by the government to the poor, disabled, or retired people
cash transfers
Which failed gaming console shares a name with a planet in our solar system?
Sega Saturn
a situation in which the free market, operating on its own, does not distribute resources efficiently
market failure
a period of macroeconomic expansion, or growth, followed by one of contraction, or decline
business cycle
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
the principle that people have the right to control their possessions and use them as they wish
private property rights
How many players are there in a standard water polo team?
7
a government license that grants an author exclusive rights to publish and sell creative works
copyright
someone who would not be willing 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 government license that gives the inventor of a new product the exclusive right to produce and sell it
patent
a shared good or service for which it would be inefficient or impractical to make consumers pay individually and to exclude those who did not pay
public good
What company was formerly named Cadabra Inc.?
Amazon