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Economics: Chapter Three: Vocabulary
Economics: Chapter Three: Vocabulary
18
Economics
12th Grade
01/28/2015

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Term
What Is Free Enterprise System?
Definition
Capitilism
Term
What Is Open Opportunity?
Definition
Everyone's Ability To Take Part In Market By Free Choice
Term
What Is Legal Equality?
Definition
Everyone Has The Same Economic Rights By Law
Term
What Is Free Contract?
Definition
People Decide And Choose Legal Agreements To Enter Into
Term
What Is Profit Motive?
Definition
Motivation For People And Organizations To Improve
Term
What Is Profit?
Definition
Money Left Over After Costs Of Production Are Subtracted From Revenue
Term
What Is Modified Free Enterprise Economy?
Definition
Free Enterprise With Some Government Involvement
Term
What Is Market Failure?
Definition
When People Who Are Not Part Of A Market Place Interaction Benefit From It Or Pay A Cost
Term
What Are Public Goods?
Definition
Products Provided By Governments And Consumed By Public As A Group
Term
What Is A Free Rider?
Definition
Person Who Avoids Paying For A Good But Still Benefits From Them
Term
What Is Infrastructure?
Definition
All Goods And Services That Are Necessary For Society To Function
Term
What Is Externality?
Definition
Side Effect Of A Product That Affects Someone Other Than The Producer Or The Buyer
Term
What Is Negative Externality?
Definition
Imposes Costs On People Not Originally Involved
Term
What Is Positive Externality?
Definition
Creates Benefits For People Not Originally Involved
Term
What Is A Subsidy?
Definition
Government Payment That Helps Cover The Cost Of An Economic Activity To Benefit The Public As A Whole
Term
What Is A Safety Net?
Definition
Government Programs Designed To Protect People From Economic Hardships
Term
What Are Transfer Payments?
Definition
Transfers Payment Form One Entity To Another And The Receiver Does Not Provide Anything In Return
Term
What Is Public Transfer Payment?
Definition
Government Transfers Income From Tax Payers To Recipients Who Provide Nothing In Return
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