| A | B |
|---|
| anti trust laws | prohibitive of anticompetitive behavior |
| household | all those who live under one roof |
| Industrial Revolution | 18th century development of large scale production. |
| median income | economically at the middle |
| negative externalities | by-products of production that impose costs on third parties |
| positive externallities | by products of production that benefit third parties |
| private property rights | Legal claim guaranteeing right to use or charge for use of resource |
| quasi public good | goods once produced are available to all but non payers are easily excluded |
| utility | level of satisfaction from consumption |
| firms | a business unit or enterprise |
| fiscal policy | government's spending policy |
| monetary policy | the Federal Reserve attempts to control money supply |
| natural monopoly | one firm that can serve the entire market at a lower per unit cost than + two firms |
| open access goods | rival in consumption but exclusion is costly |
| private goods | goods with two features |
| public good | goods once produced are available to all |
| social insurance | cash transfers for retirees, unemployed & others with work histories. |
| in kind assistance programs | governmnt programs that provide money and inkind assit. to poor people |
