What is the definition of Open Opportunity?
The principle that anyone can compete in the marketplace.
What is a Free Rider?
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
What is an example of Voluntary Exchange?
Someone trading some with someone else - "the act of buyers and sellers freely and willingly engaging in market transactions."
What is the definition of Microeconomics?
the study of the economic behavior and decision making of small units, such as individuals, families, and businesses
You have five seconds to tell me what Technology is...
Technology: the process used to produce a good or service
What is the definition of Public Interest?
the concerns of the public as a whole
What is an interest group and give an example
"a private organization that tries to persuade public officials to act or vote according to group members' interests." Example --> American Public Power Association (APPA)
What is an example of Profit Motive?
A business might be willing to absorb lower profits and even losses in the present to strengthen its position and increase its market share so that it can earn higher profits in the future. -- "The driving force that encourages individuals and organizations to improve their material well-being."
What is the definition of the Business Cycle?
a period of macroeconomic expansion followed by a period of contraction
You have five seconds to tell me what a Private Sector is...
Private Sector: the part of the economy that involves the transactions of individuals and businesses
Give the definition of Competition
a condition where different economic firms seek to obtain a share of a limited good by varying the elements of the marketing.
What is GDP and what does it stand for?
The broadest quantitative measure of a nation's total economic activity. Gross Domestic Product
Give an example of Private Property rights and give the definition.
"The concept that people have the right and privilege to control their possessions as they wish." Example --> Someone owning a business, house, land, a farm, etc.
What is the Public Sector?
the part of the economy that involves the transactions of the government
Three seconds... what is Welfare?
Welfare: government aid to the poor
"the study of the behavior and decision making of entire economies." is what?
Macroeconomics
Give the definition of Poverty Threshold.
an income level below which income is insufficient to support families or households
What is an example of a Free Contract?
Any example that suggests or states the concept that people may decide what agreements they want to enter into
What is Market Failure?
a situation in which the market does not distribute resources efficiently
What are Cash Transfers?
Cash Transfers: direct payments of money to eligible poor people
Give the definition and example of Externality.
"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." Example --> Cigarette smoking, create passive smoking, drinking excessive alcohol, noise pollution.
If John is working within a factory and producing more quality units compared to Joe and John is working harder, what does John have that Joe doesn't? Give the definition with the answer.
Work Ethic - a commitment to the value of work and purposeful activity
Give an example of a Public Good.
Any shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers.
What is the definition of Public Disclosure Laws?
laws requiring companies to provide full information about their products
Five seconds... What are In-Kind Benefits?
In-Kind Benefits: goods and services provided for free or at greatly reduced prices