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CRAFT UNION AN ASSOCIATION OF WORKERS WHO PERFORM THE SAME KIND OF WORK
2. INDUSTRIAL UNION AN ASSOCIATION OF ALL WORKERS IN GIVEN INDUSTRY, NO MATTER WHAT JOB THEY PERFORM
3. STRIKE A REFUSAL TO WORK UNTIL CERTAIN DEMANDS ARE MET
4. RIGHT-TO-WORK LAWS A STATE LAW MAKING IT ILLEGAL TO REQUIRE WORKERS TO JOIN A UNION
5. 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
6. ARBITRATION BOTH SIDES AGREE TO LET A THIRD PARTY RESOLVE THEIR DISPUTE
7. MINIMUM WAGE THE LEAST AMOUNT THAT CAN BE PAID BY LAW TO CERTAIN WORKERS
8. PROGRESSIVE TAX IMPOSES A HIGHER RATE OF TAXATION ON PEOPLE WHO MAKE MORE MONEY EXAMPLE – INCOME TAX
9. REGRESSIVE TAX IMPOSES A HIGHER PERCENTAGE RATE OF TAXATION ON PEOPLE WHO MAKE LESS MONEY EXAMPLE – SALES TAX
10. EXCISE TAX A TAX ON THE MANUFACTURE OR SALE OF CERTAIN ITEMS, SUCH AS LIQUOR OR GASOLINE. SOMETIMES CALLED A LUXURY TAX
11. ESTATE TAX TAX ON THE TRANSFER OF PROPERTY WHEN A PERSON DIES
12. PROPERTY TAX A TAX ON REAL PROPERTY AND PERSONAL PROPERTY( A LOCAL TAX)
13. SALES TAX AGENERAL TAX LEVIED ON ALMOST ALL CONSUMER GOODS
14. PER CAPITA MEANS PER PERSON
15. BUDGET DEFICIT SPENDING MORE THAN TAKING IN
16. BALANCED BUDGET A BUDGET WITH NEITHER A DEFICIT OR A SURPLUS
17. BARTER ECONOMY A MONEY-LESS ECONOMY THAT RELIES ON TRADE
18. MONEY ANY SUBSTANCE THAT FUNCTIONS AS A MEDIUM OF EXCHANGE, STORE OF VALUE OR MEASURE OF VALUE
19. FIAT MONEY MONEY BY GOVERNMENT DECREE
20. LEGAL TENDER MONEY THAT MUST BE ACCEPTED IN PAYMENTS OF DEBT
21. FEDERAL RESERVE SYSTEM (THE FED) NATIONS CENTRAL BANK, LOANS MONEY TO OTHER BANKS, CONTROLS MONEY SUPPLY
22. F.D.I.C. FEDERAL DEPOSIT INSURANCE CORPORATION, INSURES DEPOSITS OF BANK CUSTOMERS
23. DERUGULATION THE REMOVAL OF GOVERNMENT CONTROLS
24. EASY MONEY POLICY THE FED ALLOWS THE MONEY SUPPLY TO GROW AND INTEREST RATES TO FALL, CAUSING THE ECONOMY TO GROW
25. TIGHT MONEY POLICY FED RESTRICTS THE MONEY SUPPLY, WHICH DRIVES INTEREST RATES UP, WHICH SLOWS THE ECONOMY
26. PRIME RATE - THE INTEREST RATE THAT COMMERCIAL BANKS CHARGE THEIR BEST CUSTOMERS
27. BUSINESS CYCLE THE RECURRING UPS AND DOWNS OF THE GDP
28. RECESSION A PERIOD OF DECLINE IN THE ECONOMY
29. PEAK POINT WHERE GDP STOPS GOING UP
30. TROUGH POINT WHERE GDP STOPS GOING DOWN
31. EXPANSION A PERIOD OF RECOVERY FROM A RECESSION
Created by: JulieeLemus