Civics and Economics VocabularyChapter 23 - Section OnePrivate Good- goods that, when consumed by one individual, cannot b...
Sentence:Civilian Labor Force- all civilians 16 years old or older who are either working or arelooking for workSimilarity...
Earned Income Tax Credit- gives tax credits and even cash payments to qualifiedworkersSimilarity/Difference:Sentence:Tara P...
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Chapter 23

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Chapter 23

  1. 1. Civics and Economics VocabularyChapter 23 - Section OnePrivate Good- goods that, when consumed by one individual, cannot be consumed byanotherSimilarity/Difference:Sentence:Public Good- goods that can be consumed by one person without preventing theconsumption of the good by anotherSimilarity/Difference:Sentence:Externality- the unintended side effect of an action that affects someone not involved inthe actionSimilarity/Difference:Sentence:Monopoly- a sole provider of a good or serviceSimilarity/Difference:Sentence:Antitrust- laws to control monopoly power and to preserve and promote competitionSimilarity/Difference:Sentence:Merger- a combination of two or more companies to form a single businessSimilarity/Difference:Sentence:Natural Monopoly- a market situation in which the costs of productions are minimizedSimilarity/Difference:Sentence:Recall- a company pulls a product off the market or agrees to change it to make it safeSimilarity/Difference:Sentence:Chapter 23 - Section TwoReal GDP- shows an economyʼs production after the distortions of price increases havebeen removedSimilarity/Difference:Sentence:Business Cycle- alternating intervals of growth and declineSimilarity/Difference:Tara Pawlyk Friday, May 17, 2013 8:21:22 AM ET 04:0c:ce:d3:10:88
  2. 2. Sentence:Civilian Labor Force- all civilians 16 years old or older who are either working or arelooking for workSimilarity/Difference:Sentence:Unemployment Rate- the percentage of people in the civilian labor force who are notworking but are looking for jobsSimilarity/Difference:Sentence:Fiscal Policy- is changes in government spending or tax policiesSimilarity/Difference:Sentence:Inflation- a sustained increase in the general level of pricesSimilarity/Difference:Sentence:Consumer Price Index- is a popular measure of the price levelSimilarity/Difference:Sentence:Chapter 23 - Section ThreeFood Stamps- alleviate hunger and malnutrition by allowing low- income households toobtain a more healthful dietSimilarity/Difference:Sentence:Women, Infants, and Children- provides help with nutrition and health care to low-income women, infants, and children up to age 5Similarity/Difference:Sentence:Workfare- programs that require welfare recipients to exchange some of their labor inexchange for benefitsSimilarity/Difference:Sentence:Progressive Income Tax- the tax rate is lower at lower incomes and higher for higherincomesSimilarity/Difference:Sentence:Tara Pawlyk Friday, May 17, 2013 8:21:22 AM ET 04:0c:ce:d3:10:88
  3. 3. Earned Income Tax Credit- gives tax credits and even cash payments to qualifiedworkersSimilarity/Difference:Sentence:Tara Pawlyk Friday, May 17, 2013 8:21:22 AM ET 04:0c:ce:d3:10:88

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