What is government aid to the poor called?

welfare

What is the study of the economic behavior of small units, such as individuals and businesses?

microeconomics

What is commitment to the value of work and purposeful activity called?

work ethic

What is an economic side effect of a transaction that generates benefits or costs to an otherwise uninvolved third party?

externality

What is the force that encourages people & organizations to improve their material well-being?

profit motive

What is a rivalry among sellers to attract customers while lowering costs?

competition

What are the laws requiring companies to provide full information about their products?

public disclosure laws

What's a situation in which the market does not distribute resources efficiently?

market failure

What are goods and services provided for free or at greatly reduced prices?

in-kind benefits

What are the concerns of the public as a whole?

public interest

What is someone called who would not choose to pay for a public good, but would get the benefits of it anyway?

free rider

What is an income level below that which is needed to support a family or household?

poverty threshold

What is the process used to produce a good or service called?

technology

What is the part of the economy that involves the transactions of the government?

public sector

What is the concept that people may decide what and when they want to buy and sell?

voluntary exchange

What is the concept of giving everyone the same legal rights?

legal equality

What is the concept that people have the right and privilege to control their possessions as they wish?

private property rights

What is a period of a macroeconomic expansion followed by a period of contraction?

business cycle

What is the part of the economy that involves the transactions of individuals and businesses?

private sector

What is a private organization that tries to persuade public officials to act or vote according to group members' interests?

interest group

What is the total value of all final goods and services produced in a particular economy?

gross domestic product

What is the study of the behavior and decision making of entire economies?

macroeconomics

What is a shared good or service for which it would be impractical to make consumers pay individually?

public good

What is the concept that people may decide what agreements they want to enter into?

free contract

What is the concept that everyone can compete in the marketplace?

open opportunity