Economic Chapter 3 Test

Created by jrogers

Question or Hint Answer or Word

public transfer payment a transfer paymnet in which the government transfers income from taxpayers to reciepeint who do not provide anything in return
market failure occurs when people who are nt part of the marketplace interaction benefit from it or pay part of its cost
public goods products provided by ferderal, state and local government and consumered by the public as a group
transfer payment transfers of income from one person or group to another even though the receiver does not provide anything in return
free rider a person who avoids paying for a good or service but who benefits from that good or service anyway
safety net conisits of government programs designed to protect people from econmic hardship
infrastructure consist of all the goods and services that are necessary for the functioning of society