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15 Cards in this Set
- Front
- Back
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the study of the behavior and decision making of entire economics
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macroeconomics
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an income level below that which is needed to support families or households
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poverty threshold
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that part of the economy that involves the transactions of idividuals and businesses
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private sector
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goods and services provided by the government for free or at greatly reduced prices
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in-kind benefits
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someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provied as a public good
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free rider
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requirements for companies to provide full information about their products
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public disclosure laws
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the concerns of the people as a whole
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public interest
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the total value of all final goods and services produced in a particular economy
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gross domestic product
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government aid to the poor
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welfare
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a situation in whichs goods are not fairly distributed
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market failure
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the study of the economic behavior and decision making of small units such as families, individuals, or businesses
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microeconomics
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a period of macroeconomic expansion followed by a period of contraction
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business cycle
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a private organization that tries to persuade public officials to act or vote in a certain way
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interest group
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laws and standards on topics of public interest
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public policy
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an economic siide 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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externality
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