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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 |