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WELFARE: An assortment of programs that provide assistance to the poor. The cornerstone of our welfare system is Aid to Families with Dependent Children (AFDC), which was created by the Social Security Act (1935). It provides cash benefits to assist needy families with children under the age of 18. Funding comes partly from the federal government and partly from states. Because states also administer their own programs, benefits and qualification criteria differ from state to state. A second part of the welfare system, one that's run entirely by the federal government, is Supplemental Security Income (SSI). This program provides cash benefits to elderly, blind, and disabled in addition to any benefits received through the Social Security system. Our welfare system includes a whole bunch of additional benefits, including Medicaid, food stamps, low-cost housing, school lunches, job training, day care, and earned-income tax credits.

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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP Page: 10 of 25

Topic: Illegal Goods <=PAGE BACK | PAGE NEXT=>

Chunk D also is economic production that DOES involve market transactions. Lack of information about market transactions prevent these activities from being included in GDP
  • Chunk D includes illegal activities, such as gambling, drug sales, and prostitution.
  • Because they satisfy wants and needs they are economic production.
  • Because they are illegal activities 'official market transaction records are not available.

Chunk D is excluded from GDP.


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DECREASING-COST INDUSTRY

A perfectly competitive industry with a negatively-sloped long-run industry supply curve that results because expansion of the industry causes lower production cost and resource prices. A decreasing-cost industry occurs because the entry of new firms, prompted by an increase in demand, causes the long-run average cost curve of each firm to shift downward, which decreases the minimum efficient scale of production.

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APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?

Three-forths of the gold mined each year is used to manufacture jewelry.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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