Term
|
Definition
| a households level of sastisfaction, happiness, or sense of well being |
|
|
Term
|
Definition
| a buisness unit or enterprise fomed by a profit seeking entrepuner who combines resources to produce goods and services |
|
|
Term
|
Definition
| laws that reduce anticompetitve behavoir and promote competion in markets where competition is disereable |
|
|
Term
|
Definition
| one firm that can serve the entire market at a lower per unit cost than two or more firms |
|
|
Term
|
Definition
| the federal governments use of taxing and public spending o influence the macroeconomy |
|
|
Term
|
Definition
| the federal reserves attempts to control the money supply to influence the macroecnomy |
|
|
Term
|
Definition
| goods with two features. 1: the amount is consumed by one person is unavlible to others and 2: nonpayers can easily be excluded |
|
|
Term
|
Definition
| goods that once produced are avlible to all but the producer cannot easily exclude nonpayers |
|
|
Term
|
Definition
| someone who benefits from resources, goods, or services without paying for the cost of the benefit. |
|
|
Term
|
Definition
| by product of production or consumption that impose costs on third partis |
|
|
Term
|
Definition
| by products of production or consumption that benefit third parties |
|
|
Term
|
Definition
| the middle income when a group of icomes is ranked from lowest to highest |
|
|
Term
| offical poverty rate (poverty line) |
|
Definition
| income level defining poverty: a level of income below which somebody is considered to be living in poverty. It is based on the price of basic necessities and is usually determined by a government. |
|
|
Term
|
Definition
| cash transfers for retirees the employed and others with a work history and a record of contributions to the program |
|
|
Term
| income assitance programs |
|
Definition
| government programs that provide money and in kind assitsance to poor people |
|
|
Term
|
Definition
| least permissible price: a minimum price for something, e.g. one set by a government |
|
|
Term
|
Definition
| greatest permissible price: a maximum price for something, e.g. one set by a government |
|
|
