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Economic Terms #4
Economic Study Stack #4
| Question | Answer |
|---|---|
| Craft Union | An association of workers who preform the same kind of work. |
| Industrial Union | An association of all workers given industry no matter what job they preform. |
| Strike | A refusal to work until certain demands are met. |
| Right-to-work-laws | A state law making it illegal to require workers to join a union. |
| Mediation | A third party is brought in to offer a solution to a dispute. The two side don't have to accept his/her solution. |
| Arbitration | Both side agree to let the third party resolve their dispute. |
| Minimum Wage | The last amount that can be paid by law to certain workers. |
| Progressive Tax | Imposes a higher rate of taxation on people who make more money Ex: income tax |
| Regressive Tax | Imposes higher percentage rate of tax on people who make less money. |
| Excise Tax (Luxury Tax) | A tax on the manufacture or sell of certain items (liquor or gasoline). |
| Estate Tax | Tax on the transfer of property when a person dies. |
| Property Tax (Local Tax) | A tax on real property or personal property. |
| Sales Tax | A general tax levied on almost all consumer goods. |
| Per Capita | Per person. |
| Budget Deficit | Spending more than taking in. |
| Balanced Budget | A budget with neither deficit or surplus. |
| Barter Economy | A moneyless economy that relies on trade. |
| Money | Any substance that functions as a medium of exchange, store of value, or measure of value. |
| Fiat Money | Money by government decree. |
| Legal Tender | Money that must be accepted in payments of debt. |
| Federal Reserve System (The Fed.) | Nation's central bank; loans money to other banks; controls money supply. |
| F.D.I.C.(Federal Deposit Insurance Corporation) | Insures deposits of bank customers. |
| Deregulation | Removing government controls. |
| Easy Money Policy | The Fed allows the money to supply grow and interest rates to fall, which slows the economy. |
| Tough Money Policy | The Fed restricts the money supply, which drives interest rates up, and slows the economy. |
| Prime Rate | The interest rate that commercial banks charge their best customers. |
| Business Cycle | The recurring ups and downs of the GDP. |
| Recession | A period of decline in the economy. |
| Peak | The point where GPD stops going up. |
| Trough | Point where GPD stops going down. |
| Expansion | A period of recovery from recession. |
| Depression (a.k.a Trough) | Period in the economy where high unemployment and shortages. |
| Blue Collar Workers | Industrial or factory workers. |
| White Collar workers | Clerical, business or professional workers who are generally salaried. |
| Tariff | A tax on imports. |
| Quota | Limit on the amount of goods that can be brought into a country. |
Created by:
terrybrunson