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economic terms4 ..
| Term | Definition |
|---|---|
| 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 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 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 OR 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 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 |
| 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 | 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 UNEMPLOYMENT,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:
miamack
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