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economicterms civcs
economic terms
| Question | Answer |
|---|---|
| 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 | a refusal to work until certain demands are met |
| right-to-work laws | a statelaw making it illegal to require workers to join a union |
| mediation | a third party is brought in to offer a solution to 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 | 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 por measure of value |
| flat 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 |
| deregulation | the removal of governmentcontrol |
| 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 |
Created by:
jessicaaguilera
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