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EPF M6 Review

Economics & Personal Finance Module 6 Review

TermDefinition
Fiscal Policy Taxing and spending policies used by Congress to control fluctuations of the business cycle.
Monetary Policy Policies used by the Federal Reserve bank to control the money supply and regulate fluctuations of the business cycle.
Unemployment Rate Percentage of people looking for full time employment but cannot find jobs.
Interest Rates The cost of borrowing money.
Economic Growth State of economic expansion characterized by increasing GDP and low unemployment.
Business Cycle Regular fluctuations of the economy between periods of growth and decline.
Standard of Living A measure of the economic prosperity of a country based on the per capita GDP.
Recession Economic condition that is the result of 6 months of declining GDP.
Depression Economic condition that is the result of a prolonged period of declining GDP.
Consumer Price Index An average of the price of goods and services that indicates the purchasing power of the dollar.
Reserve Requirement The amount of money that banks are required to keep in reserve and are unable to loan out to individuals or businesses determined by the Federal Reserve.
Federal Open Market Committee Advisory group in the Federal Reserve that works to make decisions about the availability of credit and the nation’s money supply.
Open Market Operations The buying and selling of government securities that is used by the Federal Reserve to control the money supply.
Discount Rate The interest rate that is charged to banks for borrowing money by the Federal Reserve.
Federal Reserve Bank The national bank charged with controlling the supply of money available in the United States.
Gross Domestic Product The value of goods and services produced by a country in a given year.
Per Capita GDP The GDP divided by the total population of a country.
Inflation A rise in the overall level of prices over time.
Reserve Ratio The amount of money banks must keep on hand at all times.
Bank An institution for saving, storing, and loaning money.
Federal Reserve The central bank of the United States.
Non-Profits Businesses that operate to break even with their expenses; they do not make a profit.
Wall Street The term used to describe the financial center in New York City that is home to the New York Stock Exchange.
Savings and Loan Association A type of financial institution that started with members contributing funds for individuals to borrow to build homes; functions like a bank today.
Fiat Money Money that is valuable because the government says that it is; also known as legal tender.
Federal Deposit Insurance Corporation Insurance that protects individual accounts in banks up to $250,000 in case of bank failure.
Commercial Bank A financial institution that operates to make a profit and usually has higher fees and lower interest than other types of banks.
Credit Union A type of financial institution that is owned by the members and does not operate for a profit; typically members of a particular occupation (teachers, federal employees, etc) earn higher interest and pay lower fees.
Fractional Reserve Banking Banks only keep a portion of funds that are deposited in the bank and loan out the remainder.
Certificate of Deposit Money deposited in a bank for a specific amount of time; typically yields higher interest.
Collateral Property used to secure a loan.
Money Market Account A type of savings account that yields higher interest but usually requires a minimum balance.
Income Tax Tax on an individual’s wages or salary.
Capital Gains Tax Tax on the profits made by selling stock.
Estate Tax A tax on the estate of a deceased person.
Property Tax Tax on the value of property owned by a person.
Excise Tax Tax on the production, consumption, or distribution of goods like alcohol, tobacco, or gasoline.
Budget A plan for spending money.
Expenditures The spending of money by governments on specific items or programs.
Revenue Money that is collected by the government.
Discretionary Spending Optional spending of government money.
Mandatory Spending Government spending on programs that are required by law.
Social Security Government programs to benefit elderly, disabled, or those living in poverty.
Medicare Federal health insurance program covering individuals over 65 and certain younger people with disabilities.
Progressive Tax The higher a person’s income, the higher the percentage of tax that must be paid.
Surplus When revenue is greater than the amount of expenditures.
Deficit When expenditures are greater than revenue.
Balance Budget When revenue and expenditures are equal.
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.
Inmport 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 without any restrictions from the government.
NAFTA The North American 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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