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Economy Vocab 2

TermDefinition
Fiscal Policy Government decisions regarding taxes citizens must pay and the amount of money the government spends.
Inflation A general rise in prices through out the economy
Standard of living The quality of life measured by the amount of goods and services people can buy and the leisure time they have
Economic Indicators Statistical tools used to measure the condition of the Nation's economy
progressive Taxes The wealthy pay a greater share than the less well off
Money Supply Consists of cash, checking accounts, and travelers checks
Demand Deposits Mostly checking accounts
Regressive Taxes Everyone regardless of wealth pays the same amount
Monetary Policy Actions by the federal reserve to influence the economy by regulating the amount of money in circulation
Business Cycle The ups and downs of the economy over a period of time
Gross Domestic Product The total value in dollars of all goods and services produced in the country in one year
Recession A period on the business cycle marked by low economic activity, reduces profits, and rising unemployment
Depression A severe recession lasting than a year
The New Deal Government programs instituted by Franklin D. Roosevelt to rescue the country from the Great Depression
16th Amendment Established the Federal income Tax
Private Property Property owned by individuals and businesses without government interference
Competition Rivalry between producers/sellers of goods & services
Government securities Saving bonds, treasury notes, treasury bills, the U.S. sells as a way to borrow money
Production The combining of human (labor), natural resources, capital, and management to make goods and services
Incentives Things that motivate or change economic behavior
Federal Reserve System The nation's banking system designed to regulate federal monetary policy.
Reserve Requirement The minimum amount of money the fed requires member banks to keep on find
Consumption Using goods & services `
Discount Rate Interest rate charged to member banks that borrow money from the "FED"
Created by: 352718