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10 Cards in this Set
- Front
- Back
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Public Good
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a shared good or service for which it would be impractical to make consumers pay individually and to exclude non-payers.
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public sector
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the part of the economy that involves transactions of the governemnt
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private sector
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the part of the economy that involves the transactions of individuals and businesses.
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free rider
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someone who would not choose to pay for a certian good or service, but who would het the benefits of it anyway if it were provided as a public good.
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market failure
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a situation in which the maket does not distribute resourses efficently
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externality
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an economic safe 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.
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povery threshold
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an income level below that which it is needed to support families or households.
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welfare
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government aid to the poor
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cash transfers
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direct payments of money to eligble poor people
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in-kind benefits
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goods and services provided for free or at greatly reduced prices.
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