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14 Cards in this Set
- Front
- Back
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Private goods
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goods that when consumer by one individual, cannot be consumer by another
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Public goods
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economic goods that are consumed collectively, such as highways and national defense
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Antitrust law
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legislation to prevent new monopolies from forming and police those that already exist
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Externality
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The unintended sie effect of an action that affects someone not involved in the action
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Expansion
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part of the business cycle in which economic activity increase
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Consumer price index (CPI)
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measure of the charge in price over time of a specific group of goods and services
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Civilian labor force
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all civilians 16 years old or older who are either working or are looking for work
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Business cycle
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alternating period of growth and decline that the economy goes through
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Fiscal policy
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The federal government use of spending and taxation policies to affect overall business activity
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Deflation
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price of consumer goods decrease and the bide power increase
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Inflation
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A persistent, substantial rise in the general level of prices related to an increase in the volume of money and resulting in the loss of value of currency at highest point
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Real GDP
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GDP after adjustments for inflation
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Recession
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part of the business cycle in which the nation output does not grow for at least six months.
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Unemployment rate
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the percentage of people in the civilian labor force who are not working but are looking for jobs
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