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14 Cards in this Set

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