| A | B |
|---|
| DEVIATE | TO MOVE AWAY FROM A PARTICULAR PATH |
| LAW | A RULE OR NORM ESTABLISHED BY AN AUTHORITY |
| POLICY | A GUIDING PRINCIPLE |
| ENDS | THE DESIRED OUTCOME FOR A SPECIFIC POLICY |
| MEANS | THE SPECIFIC ACTIONS THAT ARE TAKEN TO REACH A DESIRED OUTCOME |
| POSITIVE STATEMENT | A STATEMENT THAT CAN BE VERIFIED OR PROVEN INCORRECT BY FACTS |
| NORMATIVE STATEMENT | A STATEMENT THAT IS BASED ON SUBJECTIVE VALUE AND THUS CAN NOT BE PROVEN CORRECT OR INCORRECT |
| PUBLIC INTEREST | THE COLLECTIVE NEEDS OF THE POPULATION WHICH CAN NOT BE MET BY THE MARKETPLACE |
| CAVEAT EMPTOR | LITERALLY BUYER BEWARE, HAS BEEN USED TO INCLUDE LABELS ON THINGS LIKE FOOD ITEMS |
| DISCREATIONARY | LEFT UP TO JUDGEMENT, IN ECONOMIC TERMS USED TO IDENTIFY SPENDING ON THINGS THAT ARE NOT NECESSARILY REQUIRED |
| EQUITABLE | THAT SOMETHING IS "FAIR" |
| EFFICIENT | SOMETHING IS ACCOMPLISHED USING THE LEAST AMOUNT OF RESOURCES |
| EMINENT DOMAIN | THE RIGHT OF GOVERNMENT TO SEIZE PROPERTY FOR A PUBLIC USE |
| ADVERSE | OPPOSED TO ONES INTEREST OR WELFARE |
| WELFARE PROGRAMS | ANY GOVERNMENT PROGRAM WITH THE INTENT OF REDUCING THE NUMBER OF PEOPLE BELOW THE POVERTY THRESHOLD |
| EARMARKS | LEGISLATION THAT PROVIDES MONEY FOR A FAVORED PROJECT OR ACTIVITY |
| PRIVATE SECTOR | THE PORTION OF THE ECONOMY THAT INVOLVES TRANSACTIONS OF OF INDIVIDUALS AND BUSINESS |
| PUBLIC SECTOR | THE PORTION O THE ECONOMY THAT INVOLVES THE TRANSACTIONS OF THE GOVERNMENT |
| EXTERNALITIES | A SIDE EFFECT FROM PRODUCTION OF A GOOD OR SERVICE |
| COASE THEOREM | THE IDEA THAT PRIVATE PARTIES WILL STRIVE TO REACH A BARGAIN WHERE ALL PARTIES ARE BETTER OFF AND THE OUTCOME IS EFFICIENT |
| LEGITIMATE | IN ACCORDANCE WITH THE LAW OR ESTABLISHED STANDARDS |
| BATNA | BETTER ALTERNATIVE TO A NEGOTIATED AGREEMENT |
| COMMERCE | THE BUYING AND SELLING OF GOODS ON A LARGE SCALE |
| THE TRAGEDY OF THE COMMONS | WHEN COMMON PUBLIC GOODS GET USED MORE THAN IS DESIRABLE |
| FREE RIDERS | PEOPLE WHO BENEFIT FROM AN EXTERNALITY |
| REGULATION | GOVERNMENT INVOLVEMENT TO TRY TO REDUCE NEGATIVE EXTERNALITIES |
| PUBLIC GOODS | GOODS PAID FOR BY AND AVAILABLE TO EVERYONE |
