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Economic terms 4
| Question | Answer |
|---|---|
| 75. PRIVATE GOODS | GOODS CONSUMED BY AND PAID FOR BY A PARTICULAR PERSON |
| 76. CRAFT UNION | AN ASSOCIATION OF WORKERS WHO PERFORM THE SAME KIND OF WORK |
| 77. INDUSTRIAL UNION | AN ASSOCIATION OF ALL WORKERS IN GIVEN INDUSTRY, NO MATTER WHAT JOB THEY PERFORM |
| 78. STRIKE | REFUSAL TO WORK UNTIL CERTAIN DEMANDS ARE MET |
| 79. RIGHT-TO-WORK LAWS | A STATE LAW MAKING IT ILLEGAL TO REQUIRE WORKERS TO JOIN A UNION |
| 80. MEDIATION | A THIRD PARTY IS BROUGHT IN TO OFFER A SOLUTION TO A DISPUTE. THE TWO SIDES DO NOT HAVE TO ACCEPT HIS/HER SOLUTION |
| 81. ARBITRATION | BOTH SIDES AGREE TO LET A THIRD PARTY RESOLVE THEIR DISPUTE |
| 82. MINIMUM WAGE | THE LEAST AMOUNT THAT CAN BE PAID BY LAW TO CERTAIN WORKERS |
| 83. PROGRESSIVE TAX | IMPOSES A HIGHER RATE OF TAXATION ON PEOPLE WHO MAKE MORE MONEY EXAMPLE – INCOME TAX |
| 84. REGRESSIVE TAX | IMPOSES A HIGHER PERCENTAGE RATE OF TAXATION ON PEOPLE WHO MAKE LESS MONEY EXAMPLE – SALES TAX |
| 85. EXCISE TAX | A TAX ON THE MANUFACTURE OR SALE OF CERTAIN ITEMS, SUCH AS LIQUOR OR GASOLINE. SOMETIMES CALLED A LUXURY TAX |
| 86. ESTATE TAX | TAX ON THE TRANSFER OF PROPERTY WHEN A PERSON DIES |
| 87. PROPERTY TAX | A TAX ON REAL PROPERTY AND PERSONAL PROPERTY( A LOCAL TAX) |
| 88. SALES TAX | AGENERAL TAX LEVIED ON ALMOST ALL CONSUMER GOODS |
| 89. PER CAPITA | MEANS PER PERSON |
| 90. BUDGET DEFICIT | SPENDING MORE THAN TAKING IN |
| 91. BALANCED BUDGET | A BUDGET WITH NEITHER A DEFICIT OR A SURPLUS |
| 92. BARTER ECONOMY | A MONEY-LESS ECONOMY THAT RELIES ON TRADE |
| 93. MONEY | ANY SUBSTANCE THAT FUNCTIONS AS A MEDIUM OF EXCHANGE, STORE OF VALUE OR MEASURE OF VALUE |
| 94. FIAT MONEY | MONEY BY GOVERNMENT DECREE |
| 95. LEGAL TENDER | MONEY THAT MUST BE ACCEPTED IN PAYMENTS OF DEBT |
| 96. FEDERAL RESERVE SYSTEM | (THE FED) NATIONS CENTRAL BANK, LOANS MONEY TO OTHER BANKS, CONTROLS MONEY SUPPLY |
| 97. F.D.I.C. | FEDERAL DEPOSIT INSURANCE CORPORATION, INSURES DEPOSITS OF BANK CUSTOMERS |
| 98. DERUGULATION | THE REMOVAL OF GOVERNMENT CONTROLS |
| 99. EASY MONEY POLICY | THE FED ALLOWS THE MONEY SUPPLY TO GROW AND INTEREST RATES TO FALL, CAUSING THE ECONOMY TO GROW |
| 100. TIGHT MONEY POLICY | THE FED RESTRICTS THE MONEY SUPPLY, WHICH DRIVES INTEREST RATES UP, WHICH SLOWS THE ECONOMY |
| 101. PRIME RATE | THE INTEREST RATE THAT COMMERCIAL BANKS CHARGE THEIR BEST CUSTOMERS |
| 102. BUSINESS CYCLE | THE RECURRING UPS AND DOWNS OF THE GDP |
| 103. RECESSION | A PERIOD OF DECLINE IN THE ECONOMY |
| 104. PEAK | POINT WHERE GDP STOPS GOING UP |
| 105. TROUGH | POINT WHERE GDP STOPS GOING DOWN |
| 106. EXPANSION | A PERIOD OF RECOVERY FROM A RECESSION |
| 107. DEPRESSION | (OFTEN CALLED TROUGH) PERIOD IN THE ECONOMY WHERE THERE IS HIGH UNEMPOLMENT,SHORTAGES |
| 108. BLUE COLLAR WORKERS | INDUSTRIAL OR FACTORY WORKERS |
| 109. WHITE COLLAR WORKERS | CLERICAL, BUSINESS OR PRODFESSIONAL WORKERS WHO ARE GENERALLY SALARIED |
| 110. TARIFF | A TAX ON IMPORTS |
| 111. QUOTA | LIMIT ON THE AMOUNT OF GOODS THAT CAN BE BROUGHT INTO A COUNTRY |
Created by:
cameronmbrown
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