Economics Ch. 3 American Free Enterprise

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Business Cycle

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The ups and downs in the economy, like times of growth and times of recession.

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OSHA

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The agency that makes sure workplaces are safe for workers.

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Positive Externality

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A good effect on someone who didn’t pay for it, like a nice park that everyone can enjoy.

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Key Economic Rights in Free Enterprise System

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Rights that allow people to own businesses, make profits, and compete fairly.

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Role of Government in Free Enterprise System

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The government helps ensure fairness, safety, and that rules are followed, but doesn’t control all businesses.

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Example of Public Goods

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Things like parks or streetlights that everyone can use without paying for them directly.

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Free Rider

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Someone who benefits from a public good without paying for it.

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Why Does Government Make Businesses Disclose Info to Public?

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To keep consumers informed and safe, helping them make good choices.

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What is Social Security For?

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A program that helps people who are retired, disabled, or in need of financial support.

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3 Main Goals of Macroeconomics

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To promote growth, keep prices stable, and reduce unemployment.