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

2. What is government aid to the poor called?

3. welfare

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

5. microeconomics

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

7. work ethic

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

9. externality

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

11. profit motive

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

13. competition

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

15. public disclosure laws

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

17. market failure

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

19. in-kind benefits

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

21. public interest

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

23. free rider

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

25. poverty threshold

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

27. technology

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

29. public sector

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

31. voluntary exchange

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

33. legal equality

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

35. private property rights

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

37. business cycle

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

39. private sector

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

41. interest group

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

43. gross domestic product

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

45. macroeconomics

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

47. public good

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

49. free contract

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

51. open opportunity