1. 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 GREG MARCIAPETERJANBOBBY

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

3. competition

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

5. legal equality

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

7. public disclosure laws

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

9. voluntary exchange

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

11. free contract

12. What principle gives people the right and privilege to control their possessions as they wish?

13. private property rights

14. What is a private organization that tries to persuade public officials to act upon group members' concerns?

15. interest group

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

17. business cycle

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

19. macroeconomics

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

21. open opportunity

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

23. profit motive

24. What are the concerns of the public as a whole?

25. public interest

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

27. technology

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

29. microeconomics

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

31. market failure

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

33. gross domestic product

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

35. work ethic

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

37. private sector

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

39. public good

40. What is an economic side effect that generates benefits or costs to someone other than those directly involved?

41. externality

42. What is government aid to the poor called?

43. welfare

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

45. public sector

46. What is an income level below that which is needed to support families or households?

47. poverty threshold

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

49. free rider

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

51. in-kind benefits