Econ Vocab Chpt 3

The force that encourages ppl and organizations to improve their material well-being.

The concept that everyone can compete in the marketplace.

Concept that ppl have the right and privilege to control their possessions as they wish.

Concept that ppl may decide what agreement they want to enter into.

Concept that ppl may and decide what and when they want to buy and sell.

Rivalry among sellers to attract customers while lowering costs.

Private organi that tries to persuade public officials to act or vote according group members' interests.

Laws requiring companies to provide full information about their products.

The concerns of the public as a whole.

The study of the behavior and decision making of entire econenomies.

Study of the economic behavior and decision making of small units, such as individuals, families, and businesses.

The total value of all final goods and services produced in a particular economy.

A period of macroeconomic expansion followed by a period of contraction.

Committment to the value of work and purposeful activity.

Process used to produce a good or service.

A shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers.

The part of the economy that involves the transactions of the gov.

The part of the economy that involes the transactions of individuals and businesses.

Someone who would not choose to pay for a certain good or service, but still gets benefits if it's offered as a public good.

Situation in which the market does not distribute resources efficiently.

An economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume.

An income level below that which is needed to support families or households.

Gov aid to the poor.

Direct payments of money to eligible poor ppl.

Goods and services provided for free or at greatly reduced prices.

The concept of giving everyone the same legal rights.