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Safety Net: This refers to the public programs that protect people's incomes and well-being and keep them from falling into poverty. They include food stamps, welfare and unemployment insurance, among others.

Scarce Good: A good which people want more of and which is costly to obtain.

Scarcity Shortage: A term used when the quantity of a good demanded exceeds the quantity supplied at the existing price.

Securities: A term for financial assets such as stocks and bonds.

Short Run: The period during which some inputs are fixed and cannot be varied.

Short-Term Interest Rates: Interest rates on short-term loans or short-term bonds, i.e., loans with a repayment date or bonds with a maturity date of one year or less.

Social Costs: Private costs plus external costs.

Socialism: The view that the government should own and control major industries using the dollars earned to provide benefits to citizens.

Specialization: The act of producing more of a good than one consumes, the rest of that good being exchanged.

Stagflation: An economic condition characterized by simultaneous inflation, slow growth and high unemployment.

Stock: Financial assets that represent shares of ownership in a company.

Structural Unemployment: Workers without jobs whose skills are no longer suitable for or do not match the types of jobs available.

Substitutes: Price change for one product leads to a shift in the same direction in the demand for another product. Supply Curve: A graphic representation of the relationship between quantities supplied at each price for a given time period.

Supply and Demand: An economic theory that states that when the supply of a product exceeds the demand, the price falls. Conversely, when demand exceeds supply, the price rises.

Supply-Side Economics: Focus on the effects of national output potential or supply through reduction of taxes and government regulation for businesses designed to increase productivity and economic growth.

Surplus: A term used when the quantity of a good supplied exceeds the quantity demanded at the existing price.



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