QHHS ECONOMICS

Edward Mooney, Jr.

Chapter 4 Key Concepts

Household

Utility

Transfer payment

Cottage industry

Firms

Industrial revolution

Household production

Sole proprietorship

Partnerships

Corporations

Non profits

Role of government
- rules
- competition
- monopolies
- public goods
- externalitites
- distribution of income
- monetary stability

GDP

Taxes

Balance of payments

Foreign. Exchange

Tariffs

Quotas