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Economic Terms #4

Economic Study Stack #4

QuestionAnswer
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