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CIV M7 Review

Civics Module 7 Review

TermDefinition
Fiscal Policy How the government collects taxes and spends the tax money to influence the economy.
Public Goods Goods and services provided by the government that benefit all people.
Business Cycle The natural rise and fall of the economy that occurs over time.
Prosperity A time of general financial well-being.
Peak The highest point in a business cycle during a period of economic growth.
Trough The lowest point in a business cycle during a period of economic decline.
Recession A decline in the economy over a short period of time.
Recovery When the economy is growing after a recession or depression.
Depression A decline in the economy over a long period of time.
Unemployment When someone is able to work but cannot find a job.
Monetary Policy Strategies used by the Federal Reserve to control the money supply and interest rates.
Federal Reserve System The central bank of the United States.
Interest A fee or payment based on an amount of money borrowed.
Principal The amount of money you borrow from the bank and have to repay.
Bank Reserves An amount of the money deposited in bank accounts that is not loaned out.
Barter To exchange or trade one good or service for another.
Currency Money.
Inflation An increase in prices of goods and services over time.
Revenue Income or money earned over time.
Budget An estimated plan for how much money you will spend over a period of time.
Sales Tax A tax people are required to pay the government based on items they purchase.
Income Tax A tax that a person pays on their earned and unearned income.
Public Goods Goods and services provided by the government that benefit all people.
Public Welfare A program that helps to pay for housing and medical care for those in needs.
Social Security Assistance paid to Americans over the age of 65 and Americans with disabilities.
Medicare Health insurance provide by the U.S. government.
Tourism Traveling and visiting interesting places.
Industry The production of goods, such as in factories where manufacturing occurs.
Information Technology The technology of storing, sending, and processing information by computers.
Biotechnology Adapting living things to create new products.
Globalization The global exchange of products, services, and ideas around the world.
International Trade The exchange of goods and services between different countries.
Favorable Balance of Trade When a country's exports are greater than imports.
Comparative Advantage When a country focuses on creating the goods and services it can provide at a lower cost than other countries.
Outsourcing Hiring a person or company outside of your own business to provide a good or service for your business to lower costs.
Import To buy goods from another country.
Export To sell goods to another country.
Tariff A tax on imported goods.
Embargo A government order to stop trade with another country.
Sanction A government order to stop trade on specific goods.
Quota Limit on the amount of a specific good the government allows to be imported.
World Bank A bank that provides financial assistance to less developed countries.
Developing Countries Countries with high poverty levels that are not industrial.
Developed Countries Industrialized countries with a strong economy.
Free Trade Trade between countries with any restrictions from the government.
NAFTA The North Atlantic Free Trade Agreement is an agreement between the United States, Canada, and Mexico that includes free trade, including no tariffs on imports.
United Nations A group organized as a result of World War II to help countries deal with future conflicts.
Human Rights Basic rights and freedoms that all humans have just because they are human.
Child Labor When children under age 16 are working.
Created by: dmcsorley13
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