Chapter 3 homework

Vocabulary for Chapter 3

3(1)
profit motive
open opportunity
legal equality
private property rights
free contract
competition
interest group
public disclosure laws
public interest

3(2)
macroeconomics
microeconomics
GDP
business cycle
work ethic
technology

3(3)
public sector
private sector
free rider
market failure
externality

3(4)
poverty threshold
welfare
AFDC
cash transfers
in kind benefits