GREG MARCIAPETERJANBOBBY
What is a rivalry among sellers to attract customers while lowering costs?
competition
What is the concept of giving everyone the same legal rights?
legal equality
What are the laws requiring companies to provide full information about their products?
public disclosure laws
What is the concept that people may decide what and when they want to buy and sell?
voluntary exchange
What is the concept that people may decide what agreements they want to enter into?
free contract
What principle gives people the right and privilege to control their possessions as they wish?
private property rights
What is a private organization that tries to persuade public officials to act upon group members' concerns?
interest group
What is a period of a macroeconomic expansion followed by a period of contraction?
business cycle
What is the study of the behavior and decision making of entire economies?
macroeconomics
What is the concept that everyone can compete in the marketplace?
open opportunity
What is the force that encourages people and organizations to improve their material well-being?
profit motive
What are the concerns of the public as a whole?
public interest
What is the process used to produce a good or service?
technology
What is the study of the economic behavior of small units, such as individuals and businesses?
microeconomics
What's a situation in which the market does not distribute resources efficiently?
market failure
What is the total value of all final goods and services produced in a particular economy?
gross domestic product
What is the commitment to the value of work and purposeful activity called?
work ethic
What is the part of the economy that involves the transactions of individuals and businesses?
private sector
What is a shared good or service for which it would be impractical to make consumers pay individually?
public good
What is an economic side effect that generates benefits or costs to someone other than those directly involved?
externality
What is government aid to the poor called?
welfare
What is the part of the economy that involves the transactions of the government?
public sector
What is an income level below that which is needed to support families or households?
poverty threshold
What is someone called who would not choose to pay for a public good, but would get the benefits of it anyway?
free rider
What are goods and services provided for free or at greatly reduced prices?
in-kind benefits