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Definition
| a situation in which no one in society can be made better off w/o making someone else worse off |
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Definition
| producing at a point on the PPC |
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Term
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Definition
| a lack of efficiency that results from imperfect info. into the market place |
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Term
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Definition
| costs or benefits of a transaction that are borne by someone who is not directly involved in the transaction |
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Term
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Definition
| a good whose consumption by one person does not diminish the quantity or quality available for others |
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Term
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Definition
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Term
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Definition
| the enjoyment of the benefits of a good by a producer or consumer w/o having to pay for the good |
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Term
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Definition
| a situation in which there is only one producer of a good |
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Term
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Definition
| use of resources simply to transfer wealth from one group of people to another w/o increasing production or total wealth |
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Term
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Definition
| study of how gov't actions result from the self-interested behaviors of voters and politicians |
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Term
| Gov't provides public goods to |
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Definition
| prevent the free rider problem that would occur if private firms provided the goods |
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Term
| Gov't taxed or subsidizes some activities that |
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Definition
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Term
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Definition
1. out laws contracts and conspiricies in restraint of trade
2. forbids monopolization and attempts to monopolize |
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Term
Herfindahl Index
Highly Competitive |
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Definition
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Term
Herfindahl Index
Moderately Competitive |
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Definition
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Term
Herfindahl Index
Highly Concentrated |
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Definition
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Term
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Definition
| prescription of price and output for a specific industry |
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Term
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Definition
| the prescribing of health, safety, performance, and environmental standards that apply across several industries |
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Term
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Definition
| a price that allows a monopoly firm to earn a normal profit |
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Term
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Definition
| assets aquired by a firm when it was regulated that have little value when the firm is deregulated |
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Term
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Definition
| transferring a publicaly owned enterprise to private ownership |
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Term
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Definition
| process of enlisting a private firm to provide a product or service for a gov't entity |
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Term
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Definition
| publicaly owned firm is transferred to private ownership |
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Term
Privatization
Contracting Out |
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Definition
| specific aspect of a gov't operation is carried out by a private firm |
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Term
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Definition
| rights to operate a gov't enterprise go to the highest private-sector bidder |
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Term
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Definition
| a federal health-care program for the elderly and the disabled |
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Term
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Definition
| a joint federal state program that pays for health care for poor families, the neediest elderly, and the disabled |
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Term
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Definition
| a curve measuring the degree of inequality of income |
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Term
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Definition
| money allocated away from one group in society to another |
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Term
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Definition
the allocations of goods and services from one group in society to another
(non-cash) |
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Term
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Definition
a tax whose rate increases as income increases
(income tax) |
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Term
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Definition
a tax whose rate does not change as the base changes
(sales tax) |
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Term
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Definition
a tax whose rate decreases as the tax base increases
(lower level) |
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