benefits of free enterprise
the force that encourages people and organizations to improve their material well-being
Profit Motive
the rivalry among sellers to attract customers while lowering costs
Competition
a shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers
Public Good
an income level below that which is needed to support families or households
Poverty Threshold
the study of the behavior and decision making of entire economies
Macroeconomics
the concept that everyone can compete in the marketplace
Open Opportunity
a private organization that tries to persuade public officials to act or vote according to group members' interests
Interest Group
the part of the economy that involves the transactions of the government
Public Sector
government aid to the poor
Welfare
the study of the economic behavior and decision making of small units, such as individuals, families, and businesses
Microeconomics
the concept that people have the right and privilege to control their possessions as they wish
Private Property Rights
laws requiring companies to provide full information about their products
Public Disclosure Laws
the part of the economy that involves the transactions of individuals and businesses
Private Sector
direct payments of money to eligible poor people
Cash Transfers
the total value of all final goods and services produced in a particular economy
GDP
the concept that people may decide what agreements they want to enter into
Free Contract
the concerns of the public as a whole
Public Interest
someone who would not choose to pay for a certain good and service, but who would get the benefits of it anyway if it were provided as a public good
Free Rider
goods and services provided for free or at greatly reduced prices
In-Kind Benefits
a period of macroeconomic expansion followed by a period of construction
Business Cycle
the concept that people may decide what and when they want to buy and sell
Voluntary Exchange
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
a situation in which the market does not distribute resources efficiently
Market Failure
the process used to produce a good and service
Technology
a commitment to the value of work and purposeful activity
Work Ethic