This encourages innovation, allows economic mobility, provides incentive for wise use of property, and encourages competition and market variety
What is Free Enterprise
100
this is the study of economic behavior and decision-making in small units such as households and firms.
What is microeconomics
100
Must decide if it is inefficient or impractical to (1) make consumers pay individually and (2) to exclude those who did not pay.
What is a way for goverment to balance costs and benefits to determine whether to produce a public good.
100
an income lievel below that which is needed to support families or households.
What is poverty threshold
100
This allows the economy to operate more efficiently, increasong GDP and giving U.S. firms a competitive advantage.
What is Improved technology
200
_________________ __________________ are incentives that drives people or business owners to improve material well being
What is Profit motive
200
this is the study of economic behavior and decision-making in a ntions's whole ecomomy.
What is macroeconomics
200
Roads, Bridges, and schools
What is public goods
200
government aid
What is welfare
200
The government wants to protect public interest by balancing regulation with laws preserving economic freedoms
What is the goal of American Free Enterprise
300
The first is the principle that everyone has the same legal right as everyone else and the second is the principle that everyone can compete in the marketplace
What is open opportunity and legal equality.
300
government encourages growth and stablitiy thouht these three actions.
What is encourages more employment, icreases its spending, and regulates banks.
300
the part of the economy that involves transactions of individuals and busineses that would have little incentive to produce public goods.
What is the private sector
300
TANF-temporary assistance for needy families, Social Security, Unemployment insurance, Workers Compensation
What is government cash transfers
300
Rules guaranteeing property rights (eminent domain) and governments power of taxations, and protecting contracts.
What is constitutional protections
400
______________________ is when people can control their possessions and use them as they want. However, government can legally take your property it will benefit the public for a fair market price and this is called _______________________.
What is private property and eminent domain.
400
the total value of all final goods and services produced in a country is a given year.
What is GDP (gross domestic product)
400
the market cannot distribute public goods efficiently; there is not profit incentive to provide public goods
What is market failure
400
Food stamps, Subsidized houlsing, and legal aid
What is In-kind benefits
400
A company in Toledo dumps oil into Lake Erie, this is an example of
What is a negative externalities
500
People decide what what agreements they want to enter into and people decide what, where, nd how they wnat to buy and sell.
What is Free Contract and Voluntary Exchange
500
A period of expansion, or growth, followed by a period of contraction, or decline.
What is a business cycle
500
the government tries to encourage positive externalities and limit negative externalities
What is a response to negative externalities
500
is a financial award given by a government agency to a private individual or group in order to carry out a specific task
What is a grant
500
The City of Toledo fines that same company and makes them clean it up. After, they make a law that will not allow companies to be so careless