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economic t and c 4

LOOK AT THAT FORM!!!!!!

QuestionAnswer
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
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 EXAMPLE – INCOME TAX
REGRESSIVE TAX IMPOSES A HIGHER PERCENTAGE RATE OF TAXATION ON PEOPLE WHO MAKE LESS MONEY EXAMPLE – SALES TAX
EXCISE TAX A TAX ON THE MANUFACTURE OR SALE OF CERTAIN ITEMS, SUCH AS LIQUOR OR GASOLINE. SOMETIMES CALLED A LUXURY TAX
ESTATE TAX TAX ON THE TRANSFER OF PROPERTY WHEN A PERSON DIES
PROPERTY TAX A TAX ON REAL PROPERTY AND PERSONAL PROPERTY( A LOCAL TAX)
SALES TAX AGENERAL 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
FIAT MONEY MONEY BY GOVERNMENT DECREE
LEGAL TENDER MONEY THAT MUST BE ACCEPTED IN PAYMENTS OF DEBT
FEDERAL RESERVE SYSTEM (THE FED) 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 INTEREST RATES UP, WHICH SLOWS THE ECONOMY
PRIMERATE 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 POINT WHERE GDP STOPS GOING UP
TROUGH POINT WHERE GDP STOPS GOING DOWN
EXPANSION A PERIOD OF RECOVERY FROM A RECESSION
DEPRESSION (OFTEN CALLED TROUGH) PERIOD IN THE ECONOMY WHERE THERE IS HIGH UNEMPOLMENT,SHORTAGES
BLUE COLLAR WORKERS INDUSTRIAL OR FACTORY WORKERS
WHITE COLLAR WORKERS CLERICAL, BUSINESS OR PRODFESSIONAL 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: ciroborja