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Economics Voc.Part 2
Economics Part 2
| Question | Answer |
|---|---|
| fiscal policy | government decisions regarding taxes citizens must pay and the amount of $ the government spends |
| inflation | a general rise in prices throughout the ecenomy |
| 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 |
| monetery 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, 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 amendment | 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 | Savings bonds, treasury notes, and treasury bills, the US 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 regulate 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:
dawne
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