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Econ List #2

Economics Words

TermDefinition
Market Economy system in which individuals own the factors of production and make economic decisions through free interaction
Traditional Economy an economic system in which the decisions of what, how, and for whom to produce are based on custom or habit
Command Economy an economic system in which the major economic decisions are made by the central government
Laissez-faire economics economic system where government should not interfere in the marketplace
strike when workers deliberately stop working in order to force an employer to give in to their demands
Consumer Price Index (CPI) measure of change in price over time of specific group of goods and services
tariff a customs duty; a tax on an imported good
Articles of partnership formal legal papers specifying the arrangement between partners
Cooperatives a voluntary association of people formed to carry on some kind of economic activity that will benefit its members
Labor Unions association of workers organized to improve wages and working conditions
Collective Bargaining process by which unions and employers negotiate the conditions of employment
Right-to-work laws state laws forbidding unions from forcing workers to join
protectionism policy of trade restrictions to protect domestic industries
Fiscal Policy the federal government's use of spending and taxation policies to affect overall business activity
Monetary Policy policy that involves changing the rate of growth of tht money supply in circulation in order to affect the cost and availability of credit
Created by: MCSJCunningham
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