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18 Cards in this Set
- Front
- Back
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The most important economic decision maker, consisting of all those who live under one roof
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Household
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A business unit or enterprise formed by a profit-seeking entrepreneur who combines resources to produce goods and services
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Firm
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The level of satisfaction from consumption or sense of well-being
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Utility
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Development of large-scale production during the eighteenth century
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Industrial Revolution
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Legal claim that guarantees an owner the right to use a resource or to charge others for its use
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Priate Property Rights
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Laws that prohibit anticompetitive behavior and promote competition in markets where competition is desirable
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Antitrust Laws
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One firm that can serve the entire market at a lower per-unit cost than two or more firms
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Natural Monopoly
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the central bank's attempts to control the money supply to influence the national economy
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Monetary Policy
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The federal government's use of taxing and public spending to influence the national economy
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Fiscal Policy
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Goods with two features: (1) the amount consumed by one person is unavailable to others and (2) nonpayers can easily be excluded
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Private Goods
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Goods that, once produced, are available to all, but nonpayers are not easily excluded
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Public Goods
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Goods that, once produced, are available to all, but nonpayers are easily excluded
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Quasi-public Goods
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Goods that are rival in consumption but exclusion is costly
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Open-access Goods
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By-products of production or consumption that impose costs on thrid parties, neither buyers nor sellers
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Negative externalities
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By-products of consumption or production that benefit third parties, who are not buyers or sellers
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Positive Externalities
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The middle income when a group of incomes is ranked from lowest to highest
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Median Income
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Cash transfers for retirees, the unemployed, and others with a work history and a record of contributions to the program
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Social Insurance
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Government programs that provide money and in-kind assistance to poor people
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Income-Assistance Programs
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