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Economic Policy
| Term | Definition |
|---|---|
| Economic policy | the government setting the levels of taxation, interest rates, budgets and other areas of involvement in the economy |
| Mixed economy | a capitalist system where the government still retains some form of involvement in the economy |
| Securities and Exchange Commission (SEC) | created in 1934 to regulate stock transactions and the stock market, therefore regulating big businesses |
| minimum wage | legal minimum hourly wage to which most workers are entitled |
| unemployment | the people who are currently out of a job but are actively seeking one |
| inflation | the rise of prices in goods and services |
| Office of Management and Budget (OMB) | part of the executive office, redesigned by Reagan to help draft the budget and manage its implementation |
| monetary policy | manipulation of of the supply of money and credit in private hands |
| fiscal policy | use of the federal budget to influence the economy - taxes, spending, and borrowing. |
| discretionary spending | spending set through the government through appropriations bills, including operation expenses and government salaries; decided by the President and Congress |
| non-discretionary spending | requires Congress to change the law to be able to change spending |
| national debt | the amount of money that the government owes to other nations |
| deficit | an excess of federal expenditures over federal revenues |
| World Trade Organization | promotes free trade and punishes protectionist restrictions. Unions were against this and feared free trade believing that businesses would try to find the cheapest labor and the highest return |
| antitrust policy | policy designed to ensure competition and prevent monopolies, first introduced with the Sherman Act of 1890. Government wavers on how much this policy is enforced |
| monetarism | theory that enforces that the supply of money is key to a nation's economic health, with too much cash or credit in flow leading to inflation |
| Keynesianism | theory that emphasizes government spending to help weather out the bad of the natural business cycle, named after |
| supply-side economics | theory developed by Reagan to stimulate the production of goods rather than seek demand for them, lower tax rates, and |
| planning | an economy structured by the government; a command economy that sets the supply and demand |
| Federal Reserve | "The Fed," created in 1913, regulates lending money practices of banks and the money supply; formally beyond control of president and Congress |
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