hw quiz 1/20 Flashcards
public goods
shared goods for which it would be it would be inefficient or impractical to (1) make consumers pay individually, (2) exclude those who did not pay.
what are scrubbers?
tops put on smokestacks to cut emissions. they are put there to cut emissions and reduce pollution.
what is the poverty threshold?
an income level below that which is needed to support families.
what are specific poverty thresholds?
single parent under 65 w/ one child under 18: $15,825 per year; four-person family with two children: $23,283 per year.
what is an externality?
an economic effect of a good or service that generates benefits or costs to someone else.
what is market failure?
describes a specific situation in which the free market does not distribute resources efficiently.
what is a free rider?
someone who would not be willing to pay for a certain good or service but would get the benefit of it anyway.
what is infrastructure?
the basic facilities that are necessary for a society and economy to function efficiently and grow.
