Poor
Direct payments of money to eligible poor people
Cash Transfers
A period of macroeconomic expansion followed by a period of contraction
Business Cycle
Laws and standards on topics of public interest
Public Policy
A private organization that tries to persuade public officials to act or vote according to group member's interest
Interest Group
The study of the economic behavior and decision making of small units, such as individuals, families, and businesses
Microeconomics
An income level below that which is needed to support families or households
Poverty Threshold
The part of the economy that involves the transactions of the government
Public Sector
Laws requiring companies to provide full information about their products
Public Disclosure Laws
The concerns of the public as a whole
Public Interest
The study of the behavior and decision making of entire economics
Macroeconomics
Government aid to the poor
Welfare
The total value of all final goods and services produced in a particular economy
GDP
A shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers
Public Good
The part of the economy that involves the transactions of individuals and business
Private Sectors
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
Free Rider
The process used to produce a good or service
Technology
A situation in which the market does not distribute resources
Market Failure
Goods and services provided for free or at greatly reduced prices
In-Kind Benefits
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