Economics Test 4 review

Goods and Services provided by a government for the use of all people such as roads and military defense.

• Private goods and services

• public goods and services

• External goods and services

• Internal Goods and services

A Sum of money granted by the government or public body to assist an industry or business so that the price of commodity or service may remain low or competitive

• Externalities

• Subsidies

• Tariffs

• Taxes

• Fares

Market Based Systems of Pollution control whereby individual businesses can buy and sell emission credits even while the total level of industrial pollution is capped at some level

• cap and trade

• subsidies

• tariffs

• free-riders

The use of government control or change some practice in the private sector

• Regulation

• Tariffs

• Subsidies

• Externalities

Required payments to the government

• Subsidies

• Free-riders

• Taxes

• Rent

The sum of consumer surplus and producer surplus

• Social Surplus

• Social Deficit

• Social Security

• Social Democracy

The government'r sole in setting units and measurements in a market or regulating the quality of goods

• Market System

• Market Standards

• Market Surplus

• Market Tariffs

An Example of a non-excludable and non-rivalrous services

• Asteroid Deflection

• Cable TV

• Internet Services

• Health Insurance

A Market in which there are many buyers but only one seller: an example if market failure.

• Monopoly

• Oligolopoly

• Free Market

• Oligarchy

A Good, Service, or Resource is described as this if its use by one person does not decrease the quantity available for someone else

• Nonrival

• Rivalrous

• Standard

• Free-Rider