Term
|
Definition
| The economy outside of government, including privately owned businesses |
|
|
Term
|
Definition
| The portion of the economy that includes the federal, state, and local levels of government |
|
|
Term
|
Definition
| A collection of public programs that President Franklin Roosevolt instituted to alleviate economic suffering during the Great Depression |
|
|
Term
|
Definition
| The events occurring in 1973 when the Organization of Petroleum Exporting Countries put an embargo on oil shipments to the United States and several European countries. Skyrocketing oil prices followed, which helped trigger an era of high inflation |
|
|
Term
|
Definition
| The process of reducing government control over markets |
|
|
Term
|
Definition
| An economy that is mainly market-based but also includes a significant role for government |
|
|
Term
| Command-and-Control Approach |
|
Definition
| An approach to regulation that directly specifies certain market outcomes and activities to achieve desirable goals |
|
|
Term
|
Definition
| The potential lack of pressure on public sector managers because governments don't need to make a profit |
|
|
Term
|
Definition
| Occurs when businesses spend money trying to influence the government |
|
|
Term
|
Definition
| Bribery or other illegal activities intended to influence government actions |
|
|
Term
| Lack of Flexibility and Innovation |
|
Definition
| The lack of incentive in the public sector to put technological breakthroughs into widespread commercial use |
|
|
Term
|
Definition
| The reduction of production and sales which typically results from imposing a tax on a good or service |
|
|
Term
|
Definition
| Goods and services that benefit many people in a city, region, or country |
|
|
Term
|
Definition
| Occurs when individuals benefit from a public good that they have not helped to pay for |
|
|
Term
|
Definition
| The role of government in setting basic rules for market competition that businesses have to follow |
|
|
Term
|
Definition
| Government regulation intended to maintain competitive markets and discourage unfair accumulation of market power |
|
|
Term
|
Definition
| The impact that the actions of an individual or business can have on others |
|
|
Term
|
Definition
| An undesirable impact that an economic activity can have on others |
|
|
Term
|
Definition
| A desirable impact that an economic activity can have on others |
|
|
Term
|
Definition
| How the decision of a person to use a network affects the value of that network to other people |
|
|
Term
|
Definition
| Shifting money from rich to poor to close big income differences |
|
|
