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Economics 4 m

TermDefinition
craft union an association of workers who perform the same kind of work
industrial union an association of all workers in given industry, no matter what job they perform
strike 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
arbitration both sides agree to let a third party resolve their dispute
minimum wage the least amount that can be paid by law to certain workers
progressive tax imposes a higher rate of taxation on people who make more money
regressive tax imposes a higher percentage rate of taxation on people who make less money
excise tax a tax on the manufacture or sale of certain items, such as liquor or gasoline
estate tax tax on the transfer of property when a person dies
property tax a tax on real property and personal property
sales tax a general tax levied on almost all consumer goods
per capita means per person
budget deficit spending more than taking in
balanced budget a budget with neither a deficit or a surplus
barter economy a money less economy that relies on trade
money any substance that functions as a medium of exchange, store of value or measure of value
flat money money by government decree
legal tender money that must be accepted in payments of debt
federal reserve system nations central bank, loans money to other banks, controls money supply
F.D.I.C federal deposit insurance corporation, insures deposits of bank customers
derugulation the removal of government controls
easy money policy the fed allows the money supply to grow and interest rates to fall, causing the economy to grow
tight money policy the fed restricts the money supply, which drives interests rates up which slows the economy
Popular American Government sets

 

 



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