| A | B |
|---|
| Food and Drug Administration (FDA) | Sets and enforces standards for food, medications and cosmetics. |
| Federal Trade Commission (FTC) | Enacts and enforces antitrust laws to protect consumers. |
| Federal Communications Commission (FCC) | Regulates interstate and international communications by radio, TV, wire, satellite and cable. |
| Federal Aviation Administration (FAA) | Regulates civil aviation, air traffic and piloting standards and air commerce. |
| Equal Employment Opportunity Commission (EEOC) | Promotes equal job opportunity through enforcement of civil rights laws, education and other programs. |
| Environmental Protection Agency (EPA) | Enacts policies to protect human health and the natural environment. |
| Occupational Safety and Health Administration (OSHA) | Enacts policies to save lives, prevent injuries and protect the health of workers. |
| Consumer Protection Safety Commission (CPSP) | Enact policies for reducing risk of harm from consumer products. |
| Nuclear Regulatory Commission (NRC) | Regulates civilian use of nuclear products. |
| Public Interest | The concerns of the public as a whole. |
| Public Disclosure Laws | Laws requiring companies to provide full information about their products. |
| Interest Group | A private organization that tries to persuade public officials to act or vote according to group members' intersts. |
| Profit Motive | The force that encourages people and organizations to improve their material well being. |
| Open Opportunity | The concept that everyone can compete in the marketplace. |
| Legal Equality | The concept of giving everyone the same legal rights. |
| Private Property Rights | THe concept that people have the right and the priviledge to control their possessions as they wish. |
| Free Contract | The concept that people may decide what agreements they want to enter into. |
| Voluntary Exchange | The concept that people may decide what and when they want to buy and sell. |
| Competition | The rivalry among sellers to attract customers while lowering costs. |
| Public Good | A shared good or service for which it would be impracticle to make consumers pay individually and to exclude nonpayers. |
| Macroeconomics | The study of the behavior and decision making of entire economies. |
| Microeconomics | The study of the economic behavior and decision making of small unites, such as individuals, families and businesses. |
| Gross Domestic Product (GDP) | The total value of all goods and services produced in a particular economy. |
| Per Capita GDP | The per person GDP |
| Business Cycle | A period of macroeconomic expansion followed by a period of contraction. |
| Consumer Price Index (CPI) | The measure of change in the price of consumer goods. |
| Producer Price Index (PPI) | A meaure of change in prices paid by producers of goods. |
| Work Ethic | A commitment to the value of work and purposeful activity. |
| Technology | The process used to produce a good or service. |
| Private Sector | The part of the economy that involves the transactions of individuals and businesses. |
| PUblic Sector | The part of the economy that involves the transactions of the government. |
| Free Rider | Someone who would not choose to pay for a certain good or service, but would get the benefits of it anyway if it were provided as a public good. |
| Market Failure | A situation in which the market does not distribute resources efficiently. |
| Externality | 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. |
| Poverty Threshold | An income level that is below that which is needed to support families or households. |
| Welfare | Government aid to the poor. |
| Cash Transfers | Direct payments of money to eligable poor people. |
| Temporary Assistance for Needy Families (TANF) | A cash transfer program where the federal government gives money to states to establish a welfare program that meets certain criteria. |
| Social Security | Cash transfers of retirement income to the elderly and living expenses to disabled Americans. |
| Unemployment Insurance | Funded jointly by federal and state government, it provides money to eligable workers who have lost their jobs. |
| Workers Compensation | Provides cash transfers of state funds to workers who have been injured on the job. |
| In-Kind Benefits | Goods or services provided for free or at greatly reduced prices. |
