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Economic terms 4

QuestionAnswer
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