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