The income level below that which is needed to support families or households.
What is the poverty threshold?
100
A situation in which the market, on its own, does not distribute resources efficiently.
What is market failure?
100
A period of microeconomic expansion followed by a period of contraction or decline.
What is a business cycle?
100
Acid rain would be an example of
What is an externality?
200
Laws and standards on topics of public concerns as a whole.
What is public policy?
200
This is the main purpose of welfare
What is redistribution programs or financial assistance? (also acceptable:to aid the poor to raise poor people's standard of living)
200
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.
What is an externality?
200
The process used to produce a good or service.
What is technology?
200
Food stamps are an example of this
What is an in-kind payment?
300
These require companies to provide full information about their products.
What are public disclosure laws?
300
Daily Double
Goods and services provided for free or at greatly reduced prices.
What are in-kind benefits?
300
A person or people who benefit without direct purchase of the service or good.
What are free riders?
300
The total value of all the final goods and services produced in a particular economy
What is the GDP (Gross Domestic Product)?
300
This sector tries to compensate for market failures
What is the public sector?
400
The FDA (Food and Drug Administration) and FTC (Federal Trade Commission) are examples of this
What are federal regulatory agencies? (Also acceptable: federal regulation, regulation of industry)
400
This is an example of a cash transfer.
What is social security? (also acceptable: unemployment insurance; worker's compensation; temporary assistance for needy families)
400
These are shared goods that are non-excludable and non-rivalrous.
What are public goods?
400
The difference between microeconomics and macroeconomics.
What is small scale vs. large scale study of economic behavior and decision making?
400
This would be used to measure economic growth in the United States.
What is the (GDP)Gross Domestic Product?
500
Economic freedom, competition, private property, contracts, self-interest, profit motive and voluntary exchange are all features of this
What is free enterprise?
500
Income data are gathered by this agency in order to determine how many people are living in poverty.
What is U.S. Bureau of the Census?
500
With regard to public goods, this situation would lead to market failure
What is an externality in which the costs outweigh the benefits?
500
This would be an example of government's role in encouraging free enterprise.
What is the funding of R&D (research and development)? (Also acceptable: contract law, private property rights, patents or copyright)
500
Daily Double
The U.S. government tracks and influences business cycles to prevent this