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Econ 13-15 NHS 2015
Study Stack Economics Napoleon Chapters 13-15
| Term | Definition |
|---|---|
| medium of exchange | anything that a seller will accept as payment for a good or service |
| standard of value | a measure of the relative value of various goods and services |
| store of value | a characteristic of a medium of exchange that allows it, and thus value or wealth, or be stored |
| commodity money | a money system that is based on any item that has value to a society |
| representative money | a money system in which an item has value because it can be exchanged for something else that is valuable |
| specie | money in the form of coins |
| fiat money | money that is not backed by gold, silver, or other items of value but that has wort because a government requires that it be accepted as a medium of exchange |
| currency | the paper money and coins that are in circuclation in a nation and that make up its money supply |
| near money | as asset that can easily be converted into cash when needed |
| gold standard | a system in which the value of a nation's money is defined by now many units of its currency are redeemable for a specified amount of could |
| commercial bank | a financial institution whose chief purpose is to accept savings and checking deposits, make loans and to businesses and individuals, and transfer money among businesses, other banks, financial institutions, and individuals. |
| savings and loan | a financial institution that lends money and in which depositors maintain savings and checking accounts |
| mutual savings bank | a bank that is owned by its depositors, who share in its profits |
| debit card | a plastic card used to make withdrawals at an automatic teller machine or a place of business |
| deregulation | a lifting or lessening of government control or restrictions on a company, or restrictions on a company, industry, profession |
| default | the failure to make payments on a loan |
| pyramid reserves | a system in which smaller banks deposit some of their reserves into larger banks and the larger banks deposit some of their reserves into the largest banks |
| check clearing | the daily process of debiting and crediting banks' reserve accounts and checking accounts |
| money supply | the total amount of money circulation at any given time in a nation's economy |
| monetary policy | a government's plan for regulating a nation's money supply and the availability of credit in order to accomplish certain economic goals |
| easy money policy | government methods, such as reduced interest rates, to expand the economy's money supply |
| tight money policy | government methods, such as increased increase interest rates, designed to reduce the economy's money supply |
| discount rate | the interest charged by the Federal Reserve for loans to member banks |
| prime rate | the interest rate for loans that banks charge to their most reliable customers |
| reserve requirement | money the Fed requires a bank hold either in its own vault or in a district Federal Reserve Bank |
| margin requirement | the percentage of the price an investor must pay in cash to purchase a stock, convertible bond, or other security |
| moral suasion | unofficial pressure that Federal Reserve uses to persuade member banks to behave in a certain way |
| fiscal policy | the overall government program that established levels of taxing, borrowing, and spending that promote the desired economic goals for the nation |
| proportional tax | a tax that takes the same percentage of income from individuals at all income levels (flat tax) |
| progressive tax | a tax that takes a larger percentage of income form a high income person than a lower income person (ex. income tax) |
| regressive tax | a tax that takes a larger percentage of income from members of low income groups than from members of a high-income group (sales tax) |
| tax rate | the percentage at which income, property, or purchases are taxed |
| excise tax | a tax placed by the federal government and some state governments on the manufacture, sale, or consumption of certain goods, often those considered to be luxury items or socially undesirable |
| estate tax | a tax levied on the assets, or property, of a person who has died |
| gift tax | a tax by the federal government and some state governments on large transfers of property that are made without something of value being given in return |
| customs duty | a tax on goods brought into the United States |
| supply side economics | the economic theory that focuses on achieving economic stability and growth be increasing the supply of goods and services throughout the eocnomy |
| demand side economics | an economic theory developed by John Maynard Keynes proposing that government should stimulate the economy through measures that influence the overall demand for goods and services |
| tax incentives | a provision in a tax law intended to stimulate economic activity be encouraging businesses to invest in new capital |
| investment tax credit | a tax incentive that allows businesses to deduct from their taxes part of their investment in new equipment |
| restrictive fiscal policy | a government policy designed to reduce economic activity in times of over expansion by increasing taxes and/or reducing government spending |
| expansionary fiscal policy | a government policy designed to stimulate economic activity by reducing taxes and increasing taxes and spending |
| federal budget | the estimate of the revenues and expenses of the federal government for a fiscal year |
| fiscal year | any 12 month period for financial reporting that ends on a date other than December 31 |
| budget deficit | the amount that an organization's spending exceeds the revenue it takes in order a designated period |
| budget surplus | the amount that an organization's income exceeds its spending over a designated period |
| deficit spending | a government policy of spending more money on its programs than it is able cover with expected revenue |
| national debt | the total amount of money that nation owes its creditors |
| debt ceiling | the maximum limit of debt that a local, state, or national government allows for itself by law |
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Candy.mcdevitt
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