Economics - Role of Government

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Across
  1. 2. Market failures are when market forces of ___________ and demand do not lead to the output society desires.
  2. 4. An example of a positive externality, where an action can have a positive effect on others.
  3. 6. A government ________________ occurs when the cost of solving a market failure is greater than the benefit.
  4. 8. OSHA is a government organization that helps protect ___________________.
  5. 10. Second-hand smoke and water pollution are examples of negative _____________________, where someone else's actions can impact others negatively.
  6. 11. A contract is a legal agreement that is ____________________by law.
  7. 14. An example of a non-excludable good, since anyone driving by and stop and look at it.
  8. 15. A rival good is a good or service which, if consumed, _________________ another from consuming it.
  9. 18. An excludable good or service is one that _________________ must be made before use and there IS a way to prohibit non-payers from using it.
  10. 19. Governments attempt to redistribute income in order to create a safely net and alleviate ___________________.
  11. 20. The EPA is a government organization that helps protect the _____________________.
  12. 22. This type of tax takes a larger percentage of income from people in higher income groups.
Down
  1. 1. The ________________ Antitrust Act helps to prevent monopolies from forming, which would limit competition and likely raise prices for consumers.
  2. 3. A major government role in the economy includes protecting private ______________ rights.
  3. 5. Through _____________, the government can require it’s citizens to pay for their share of public goods and services.
  4. 6. One who enjoys the benefits of a good or service without paying for it.
  5. 7. An example of a public good that helps keep everyone safe is National ______________ /military protection.
  6. 9. When goods are bought and sold, property rights are _____________________ from one party to another.
  7. 12. Most private goods are _________________ goods, which means others cannot use it if you have.
  8. 13. ___________________ rules help encourage factories to produce products in environmentally friendly ways.
  9. 15. Shared Goods often provided by the government that many people can benefit from at once.
  10. 16. Overuse or misuse of commonly-owned resources, like fishing waters, is called a __________________ of the commons.
  11. 17. “Me Only” goods where only the person who pays receives benefits.
  12. 21. An example of a pure public good is public _____________________, because many people can watch it at once without limiting someone else’s use of it.