Show:
Terms
Productivity
Government
Economics
Potpourri
100
The total value of all final goods and services produced in an economy
What is the Gross Domestic Product? (GDP)
100
This is the driving force behind many entrepreneurs deciding to take a risk
What is PROFIT?
100
the two amendments that prevent government from taking your property without due process
What is the 5th and 14th?
100
This makes producers more efficient and decreases costs
What is technology?
100
The part of the economy that involves the transactions of individuals and businesses.
What is the private sector?
200
A shared good or service that is provided by the government because it is too expensive to produce in the private sector.
What is a public good?
200
This is the reason poverty exists
What is unequal distribution of wealth?
200
Government incentives for innovation and inventions
What are copyrights/patents?
200
This leads to more innovation and better decision-making
What is education?
200
An economic side-effect that may benefit some or cost someone else.
What is an externality?
300
A person who benefits but incurs no cost
What is a free rider?
300
The struggle among producers for consumers' dollars
What is competition?
300
a government intervening in a market for a purpose
What is regulation?
300
Highways, national parks, and libraries are examples
What are public goods?
300
You live next to the railroad tracks. The noise and pollution from the railroad would be an example of a
What is negative externality?
400
The study of the behavior of whole economies
What is macroeconomics?
400
3 goals of Government in a Free Market Economy
What are incentives for innovation, protect consumers, protect private property, enforce contracts, public goods, redistribute income, regulation, deregulation, taxation, resolve market failures, enforce public disclosure?
400
examples of redistribution of income by the government
What is social security and welfare?
400
using resources that could bring immediate benefits for the purpose of gaining greater benefits at a later time
What is investment?
400
The way consumers make their desires known to businesses
What is spending(by the purchases they make)?
500
Critical information about products is required to be provided to consumers because of these
What are public disclosure laws?
500
Force that encourages people and organizations to improve well-being through material gain
What is profit motive or self-interest?
500
the difference between Medicare and Medicaid
What is Medicare is for people over 65 and Medicaid is for those of low income?
500
a "good" unemployment rate for the United States
What is 4-6 %?
500
How does government regulation sometimes effect prices for goods?
What is increases prices?