Free Enterprise Vocabulary practice

Why does the government  track and influence business cycles?

direct payments of money to eligible poor pople

th etotal value of all final goods and services produce din a particular economy for one year

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

What is a cash transfer?

people may decide what agreements they want to enter into

a commitment to the value of work and purposeful activity

the part of the economy that involves the transactions of the government

the process used to produce a good or service

income level below that which is needed to support families or houseolds

laws requiring companies to provide full informaiton about their products

Goods and services provided for free or at greatly reduced prices

the concpt of giving everyone the same legal rights

concerns of the public

rivalry among sellers to attract customers while lowering costs

people may decide what and when they want to buy and sell

how does the government support free enterprise and protect public interest?

What are in kind benefits?

the study of the economic behavior and decisions making of small units

a situaiton in hich the market does not distribute resources efficiently

the concept that everyone can compete in the marketplace

someone who would not choose to pay for a certain good or service but who would et the benefits

the concept that people have the right and privilege to conrol their possessions as they wish

a period of macroeconoimc expansion followed by a period of contraction

private organization tha ttries to persuade public officials to act or vote

What are the benefits of the free enterprise system?

economic side effect of a good or service that generates benefits or costs

What does Gross Domestic Product reflect for a country?

the part of the economy that involves the transactions of individuals and businesses

the study of the behavior and decision making of entire economiese