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Capitalism An economic system in which individuals and corporations, not the government, own the principal means of production and seek profits.
Mixed Economy An economic system in which the government is deeply involved in economic decisions through its role as regulator, consumer, subsidizer, taxer, employer, and borrower.
Unemployment Rate As measured by the Bureau of Labor Statistics, the proportion of the labor force actively seeking work but unable to find jobs.
Inflation The rise in prices for consumer goods.
Consumer Price Index The key measure of inflation that relates the rise in prices over time.
Laissez-faire The principle that government should not meddle in the economy.
Monetary Policy The manipulation of the supply of money in private hands by which the government can control the economy.
Monetarism An economic theory holding that the supply of money is the key to a nation's economic health.
Federal Reserve System The main instrument for making monetary policy in United States. It was created by Congress in 1913 to regulate the lending practices of banks and thus the money supply.
Fiscal Policy The policy that describes the impact of the federal budget--taxes, spending, and borrowing--on the economy. It is determined by Congress and the president, who are the budget makers.
Keynesian Economic Theory Theory which emphasizes that government spending and deficits can help the economy weawther its normal ups and downs. Proponents advocate using the power of government to stimulate the economy when it is lagging.
Supply-side Economics Theory which states that too much income goes to taxes and too little money is available for purchasing and the solution is to cut taxes and return purchasing power to consumers.
Antitrust Policy Policy designed to ensure competition and prevent monopoly, which is the control of a market by one company.
Food and Drug Administration Federal agency formed in 1913 and assigned the task of approving all food products and drugs sold in the United States.
Federal Trade Commission Independent regulatory agency traditionally responsible for regulating false and misleading trade practices.
National Labor Relations Act aka Wagner Act, guarantees workers the right of collective bargaining, sets down rules to protect unions and organizers, and created the National Labor Relations Board to regulate labor management relations.
Collective Bargaining Negotiations between representatives of labor unions and management to determine acceptable working conditions.
Taft-Hartley Act law which gave the president power to halt major strikes by seeking a court injunction and permitting states to forbid requirememnts in labor contracts forcing workers to join a union.
Right-to-work Laws state law forbidding requirements that workers must join a union to hold their jobs permitted by the Taft-Hartley Act.
Created by: manateresita