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ECONOMIC VOCAB PT2
| Term | Definition |
|---|---|
| FISCAL POLICY | GOVERNMENT DECISIONS REGARDING TAXES CITIZENS MUST PAY AND THE AMOUNT OF MONEY THE GOVERNMENT SPENDS. |
| INFLATION | A GENERAL RISE IN PRICES THROUGHOUT 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 MEASURED 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 TH COUNTRY IN ONE YEAR. |
| RECESSION | A PERIOD ON THE BUSINESS CYCLE MARKED BY LOW ECONOMIC ACTIVITY, REDUCED PROFITS, AND RISING UNEMPLOYMENT. |
| DEPRESSION | A SEVERE RECESSION LASTING LONGER THAN A YEAR. |
| THE NEW DEAL | GOVERNMENT PROGRAMS INSTITUTED BY FRANKLIN D. ROOSEVELT TO RESCUE THE COUNTRY FROM THE GREAT DEPRESSION. |
| 16TH ADMENDMENT | ESTABLISHED THE FEDERAL INCOME TAX |
| PRIVATE PROPERTY | PROPERTY OWNED BY INDIVIDUALS AND BUSINESSES WITHOUT GOVERNMENT INTERFERENCE. |
| COMPETITION | RIVALRY BETWEEN PRODUCERS / SELLERS OF GOODS AND SERVICES. |
| GOVERNMENT SECURITIES | SAVING BONDS, TREASURY NOTES, AND TREASURY BILLS THE U.S SELLS AS A WAY TO BORROW MONEY. |
| PRODUCTION | THE COMBINING OF HUMAN(LABOR), NATURAL(LAND), AND CAPITAL RESOURCES ALONG WITH MANAGEMENT TO MAKE GOODS AND SERVICES. |
| INCENTIVES | THINGS THAT MOTIVATE OR CHANGE ECONOMIC BEHAVIOR. |
| FEDERAL RESERVE SYSTEM | THE NATION'S BAKING SYSTEM DESIGNED TO REGUALTE FEDERAL MONETARY POLICY. |
| RESERVE REQUIREMENT | THE MINIMUM AMOUNT OF MONEY THE FEDERAL RESERVE REQUIRES MEMBER BANKS TO KEEP ON HAND. |
| CONSUMPTION | USING GOODS AND SERVICES |
| DISCOUNT RATE | INTEREST RATE CHARGED TO MEMBER BANKS THAT BORROW MONEY FROM THE "FED" |
Created by:
Slay lay O.G.
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