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Econ #5

QuestionAnswer
Arbitration Both sides agree to let a third party resolve
Minimum wage The least amount of money that can be paid
Progressive tax Impose a higher tax on people with more money
Regressive tax Imposes higher taxes on people with less money
Excise tax A tax on the manufacture or sale of certain goods
Estate tax Tax on property transfer when someone dies
Property tax A tax on real property and personal property
Sales tax A general tax levied on most consumer goods
Per capita Means per person
Budget deficit Spending more than taking in
Balance budget A budget with neither a deficit or a surplus
Barter economy A moneyless economy that relies on trade
Money any substance that is used for buying or selling goods
Flat money Money by government decree
Legal tender Money that must be accepted in payments of debt
Federal reserve system Nations central bank
FDIC Federal deposit insurance corporation
Deregulation The removal of government control
Easy money policy Money grows interest rate falls
Tight money policy Restricted money supply interest goes up slows economic growth
Prime rate The interest rate the commercial banks charge their best customers
Business cycle The ups and downs of the GDP
Recession A decline in the economy
Peak GDP stops going up
Trough Point where GDP stops going down
Expansion A recovery from recession
Depression High unemployment and shortages
Blue collar workers Industrial or factory workers
White collar workers People who work in offices or business professionals
Tariff Tax on imports
Quota Limit on the amount of goods that can be brought in country
Created by: JacobmSmithLCHS
Popular American Government sets

 

 



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