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18 Cards in this Set
- Front
- Back
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Economic Efficiency
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a situation where no on in society can be made better off without making someone else worse off
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Technical Efficiency
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producing at a point on the PPC
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Market Imperfection
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a lack of effieciency that results from imperfect information in the marketplace
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Externalities
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the costs or benefits of a transaction that are borne by someone not directly involved in the transaction
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Public Good
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a good whose consumption by one person does not diminish the quantity or quality abailable for others
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Private Property Right
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the limitation of ownership to an individual
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Free Ride
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the enjoyment of the benefits of a good by a producer or consumer without having to pay for the good
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Monopoly
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a situation where there is only one producer of a good
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Business Cycles
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fluctuations in the conomy between growth and stagnation
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Rent Seeking
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the use of resources simply to transfer wealth from one group to anther without increasing prodcution or total wealth
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Public Choice
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the study of how government actions result from the self-interested behaviors of bvoters and politicians
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Monetary Policy
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policy directed toward control of money and credit
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Federal Reserve
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the central bank of the United States
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Fiscal Policy
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policy directed toward government spending and taxation
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Transfer Payments
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income fransferred by the government from a citizen, who is earning income, to another citizen
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Budget Surplus
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the excess that results when government spending is less than revenue
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Budget deficit
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th shortage that results when government spending is greater than revenue
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Centrally Planned Economy
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an economic system in which the government determines what goods and services are produced an the prices t which they are sold
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