1. Civics and Economics Vocabulary
Chapter 23 - Section One
Private Good- goods that, when consumed by one individual, cannot be consumed by
another
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Public Good- goods that can be consumed by one person without preventing the
consumption of the good by another
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Externality- the unintended side effect of an action that affects someone not involved in
the action
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Monopoly- a sole provider of a good or service
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Antitrust- laws to control monopoly power and to preserve and promote competition
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Merger- a combination of two or more companies to form a single business
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Natural Monopoly- a market situation in which the costs of productions are minimized
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Recall- a company pulls a product off the market or agrees to change it to make it safe
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Chapter 23 - Section Two
Real GDP- shows an economyʼs production after the distortions of price increases have
been removed
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Business Cycle- alternating intervals of growth and decline
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Tara Pawlyk Friday, May 17, 2013 8:21:22 AM ET 04:0c:ce:d3:10:88

2. Sentence:
Civilian Labor Force- all civilians 16 years old or older who are either working or are
looking for work
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Unemployment Rate- the percentage of people in the civilian labor force who are not
working but are looking for jobs
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Fiscal Policy- is changes in government spending or tax policies
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Inflation- a sustained increase in the general level of prices
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Consumer Price Index- is a popular measure of the price level
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Chapter 23 - Section Three
Food Stamps- alleviate hunger and malnutrition by allowing low- income households to
obtain a more healthful diet
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Women, Infants, and Children- provides help with nutrition and health care to low-
income women, infants, and children up to age 5
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Workfare- programs that require welfare recipients to exchange some of their labor in
exchange for benefits
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Progressive Income Tax- the tax rate is lower at lower incomes and higher for higher
incomes
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Tara Pawlyk Friday, May 17, 2013 8:21:22 AM ET 04:0c:ce:d3:10:88

3. Earned Income Tax Credit- gives tax credits and even cash payments to qualified
workers
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Tara Pawlyk Friday, May 17, 2013 8:21:22 AM ET 04:0c:ce:d3:10:88