Econ CH 3 Review

What policy is in effect if the economy slows down and government off-sets by cutting taxes?

This event kicked off the development of large-scale production during the eighteenth century

If a company could be this it would mean there would be not other competition.

The middle income when incomes are ranked from lowest to highest.

This type of intellectual right establishes rights to inventions and other technical advances

What % of businesses are small businesses?

This income assistance program provides cash to poor families with kids; cash to poor elderly.

Once a good is consumed its unavailable for others to consume this describes what type of good?

All those who live under one roof are considered part of the same

Today only 2% of the work force are farmers because of

This is said to be a recipe for poverty.

This safety measure enforces recalls on products that can cause injury.

Welfare reform in 1996 changed the welfare system how?

Revenue - Cost of Production = ________ what entrepreneurs risk for?

This measure enforces that labels must be present on all products sold in the market.

Electric companies and subway systems are examples of a

Guarantee individuals the right to use their resources as they choose/charge others for use.

Reflects the rise & fall of economic activity related to long term growth trend in the economy.

These type of goods are available for all to consume like vaccinations.

Hunting and fishing is an example of this type of good.

This type of social insurance program provides income for those with a work history.

Establishes property rights to unique commercial marks and symbols.

This allows the countries involved to specialize and thereby increases production

Who demands the goods & services which determine what gets produced

Main reason household incomes differ is because the ______ of household members working differs

Federal Res. drops interest rates & puts money into circulation encouraging spending is example

Social insurance program that provides health care to those 65 and older.

Government-owned and government-regulated monopolies are known as

What word describes the level of satisfaction that depends on each households personal goals?

Assigns property rights to original expressions of an author, artist, composer/computer prog.

This income assistance program provides goods & services like food stamps.

In the 1850's 2/3's of America's work force was

In 1950,15% of women were in the workforce what is the percent today