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23 Cards in this Set
- Front
- Back
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private goods
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goods that when consumed by one,can't be consumed by another
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public goods
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goods that can be consumed by 1 person w/o preventing anothers use
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externality
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unintended side effect of an action
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anti-trust law
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laws to control monopoly power and preserve competition
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merger
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2 companies combine
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nautural monopoly
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market situation in which costs of production are minimized by having 1 firm produce product
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Read GDP
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economy's production after distortions are removed
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business cycle
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alternating periods of growth and decline of economy
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expansion
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Real GDP goes up
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recession
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Real GDP goes down for 6 or more months
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civilan labor force
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everyone 16 and up working or looking for work
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unemployment rate
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% of people in vicilan labor force not working but looking for
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fiscal policy
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changes in govnt spedning of tax policies
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inflation
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increase in level of prices
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consumer price index
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popular measure of the price level
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bull market
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stock goes up
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bear market
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stock goes down
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food stamps
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govnt coupons sued to purchase food
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woman infants and childern program
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provedes help w/ nutrition and health care
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workfare
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give labor for benefits
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progressive income tax
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tax rate is lower for lower income and same for higher
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earned income tax credit
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gives tax credits and cash payments to qualified workers.
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McCulloch vs. Maryland
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states put tax on national band and McCulloch didn't pay, got sued, and lost so he appelaed to the supreme court . End result said states could not tax nat. banks. forbids states from intruding into constitutional operations of government
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