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economic polcy
| Term | Definition |
|---|---|
| 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
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