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18 Cards in this Set

  • Front
  • Back
Economic Efficiency
a situation where no on in society can be made better off without making someone else worse off
Technical Efficiency
producing at a point on the PPC
Market Imperfection
a lack of effieciency that results from imperfect information in the marketplace
Externalities
the costs or benefits of a transaction that are borne by someone not directly involved in the transaction
Public Good
a good whose consumption by one person does not diminish the quantity or quality abailable for others
Private Property Right
the limitation of ownership to an individual
Free Ride
the enjoyment of the benefits of a good by a producer or consumer without having to pay for the good
Monopoly
a situation where there is only one producer of a good
Business Cycles
fluctuations in the conomy between growth and stagnation
Rent Seeking
the use of resources simply to transfer wealth from one group to anther without increasing prodcution or total wealth
Public Choice
the study of how government actions result from the self-interested behaviors of bvoters and politicians
Monetary Policy
policy directed toward control of money and credit
Federal Reserve
the central bank of the United States
Fiscal Policy
policy directed toward government spending and taxation
Transfer Payments
income fransferred by the government from a citizen, who is earning income, to another citizen
Budget Surplus
the excess that results when government spending is less than revenue
Budget deficit
th shortage that results when government spending is greater than revenue
Centrally Planned Economy
an economic system in which the government determines what goods and services are produced an the prices t which they are sold