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economic polcy

TermDefinition
economic policy All actions a government takes concerning the economy including levels of taxation, government budgets, money supply, interest rates, etc.
federal reserve The most powerful financial institution in the world, it is the central bank of the united states and provides a stable and safe monetary and financial system.
Mixed economy economic system that combines private and public enterprise.
securities and exchange commission (SEC) Maintains fair and orderly markets, created to protect investors.
Minimum wage Set federally and by the states, the federal minimum wage is $7.25 an hour. Was established in 1938 by the fair labor standards act.
unemployment Payment made by the government or a labor union to someone who is unemployed.
inflation A general increase in prices and a fall in the value of money.
Office of management and budget (OMB) Assists the president in meeting policy, budget, and management objectives to allow the president to implement their vision.
Monetary policy controlled by the fed (federal reserve), uses interest rates to impact the economy, open market operations, currency peg, and reserve requirements.
fiscal policy done by the government, use of taxes, spending, and debt to control/influence the economy.
discretionary spending Spending that is decided on by congress and varies based on their discretion.
non-discretionary spending Mandatory spending, spending that is required and not changed unless new legislation is passed.
national debt the amount owed by the federal government.
deficit When spending is more than income.
world trade organization Deals with the global rules of trade between nations. Main goal is to ensure that trade flows smoothly.
Antitrust policy Created in order to prevent a monopoly from happening and to increase competition. A collection of federal and state government laws that regulate the conduct and operation of businesses in order to promote fair competition to benefit consumers.
Monetarism The theory that controlling the supply of money is the chief way of stabilizing the economy.
Keynesianism Economic output is strongly influenced by demand.
Supply-side economics Economic growth can be most effectively created by investing in capital and lowering barriers on the production of goods/services.
planning (in book)
Created by: courtnayy44