| A | B |
|---|
| Public interest | the concerns of the public as a whole |
| Public Policy | laws and standards on topics of public interest |
| Interest Group | A private organization that tries to persuade public officials to act or vote according to group members' interests |
| Public disclosure laws | laws requiring companies companies to provide full information about their products |
| Poverty Threshold | an income level below that which is needed to support families or households |
| Welfare | government aid to the poor |
| Cash Transfers | direct payments of money to eligible poor people |
| in-kind benefits | Goods and services provided for free or at greatly reduced prices |
| market failures | a situation in which the market does not distribute resources efficiently |
| Public Good | a shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers |
| Public sector | the part of the economy that involves the transactions of the government |
| Private Sector | the part of the economy that involves transactions of individuals and businesses |
| Free rider | someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provided as a public good |
| Externality | an economic side effect of a good or servi e that generates benefits or costs to someone other than the person deciding how much to produce or consume |
| Macroeconomics | the study of the behavior and decision making of entire economies |
| Microeconomics | the study of economic behavior and decision making of small units, such as individuals, families and businesses |
| gross Domestic Product | the total value of all final goods and services produced in a particular economy |
| Business Cycle | a period of macro-economic expansion followed by a period of contraction |
| Technology | the process used to produce a good or service |
