EF 5-6 Vocab Review

Front

Reduction or elimination of government power in an industry to enhance competition.

Back

Deregulation

Front

Systematic over/underproduction of goods/services due to external factors.

Back

Market failures

Front

Private property in a market economy includes exclusive use, legal protection, and transfer rights, defined and enforced by government.

Back

Property rights

Front

Goods supplied by the government, where one person's use doesn't reduce availability for others, and consumption isn't limited to payers.

Back

Public goods

Front

Items supplied by the government (e.g., schools, roads) enjoyed by all, funded by taxes.

Back

Public Goods and Services

Front

Transfer payments involve government taxation and spending to assist lower-income groups, aiming to redistribute income (e.g., welfare, social security, food stamps).

Back

Redistribution of income

Front

Controlling price/output in an industry, affecting natural monopolies. Examples: health, safety, performance, environmental, output, job standards.

Back

Regulations

Front

Increase in real output as measured by real GDP or per capita real GDP.

Back

Economic Growth

Front

Health, education, experience, training, skills, and values of people; also known as human resources.

Back

Human Capital

Front

Resources and goods used to produce other goods and services. Examples: buildings, machinery, tools.

Back

Physical Capital