| A | B |
|---|
| laws and standards on topics of public interest | public policy |
| economic and social programs for the needy | welfare |
| someone who reaps public benefits without choosing to pay | free rider |
| part of the economy involving transactions of individuals and businesses, or the private | sector |
| direct payments of money to poor, disabled, and retired people | cash transfers |
| process used to produce a good or service | technology |
| situation in which the market does not distribute resources efficiently | market failure |
| an entire period of economic growth followed by slowing or decline | business cycle |
| study of the behavior of entire economies | macroeconomics |
| an income level below that which is needed to support families or households | poverty threshold |
| goods and services provided for free or at greatly reduced prices, or in-kind | benefits |
| economic side effect of a good or service | externality |
