Econ Chapter 3

A period of macroeconomic expansion followed by a period of contraction

The concept that people may decide what and when they want to buy and sell

A micro economist might study which of the following?

The study of the economic behavior and decision making of small units

Goods and services provided for free or at reduced prices?

Part of the economy that involves transactions of individuals and businesses?

Under a system of voluntary exchange, final decisions are made by?

Which is the best example of a public good?

The concept that everyone can compete in the marketplace?

Education programs make the economy more productive by?

An income level below that which is needed to support families or households

Direct payments of money to eligible poor people?

Which statement best describes the role of government in a free enterprise system?

The concept that people may decide what agreements that they want to enter into?

Health insurance for the elderly, poor and disabled is provided by?

Which are the government's three goals for promoting economic strength?

Each payday, some of your pay is withheld for SS. What happens to that money?

Part of the economy that involves transactions of the government?

Situation in which the market does not distribute resources efficiently.

The total value of all final goods and services produced in a particular economy?

Why does the government protect inventors by offering them patents and copyrights?

The force that encourages people and organizations to improve their material well-being?

What is critical in determining whether something is produced as a public good?

Requires companies to provide full information about their products

The study of the behavior and decision making of entire economies?