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unit 3 econ pt2
terms i didnt know when studying
| Term | Definition |
|---|---|
| Proportional tax | A tax in which the average tax rate is the same at all income levels. |
| Bear market | A steady drop in the stock market over a period of time |
| Bill consolidation | a form of credit in which the lender combines all of a person's debts into a single monthly payment |
| S&P 500 | market index of U.S. equities based on the performance of 500 large-cap stocks representing various sectors of the overall equities market |
| OTC | over the counter |
| Mutual fund | fund that pools the savings of many individuals and invests this money in a variety of stocks, bonds, and other financial assets |
| Federal reserve system | the central bank of the United States |
| Bull market | A period of increased stock trading and rising stock prices |
| Finance company | an organization that makes high-risk consumer loans |
| Credit union | A nonprofit financial institution that is owned by its members and organized for their benefit. |
| Sin tax | a relatively high tax designed to raise revenue and reduce consumption of a socially undesirable product such as liquor or tobacco |
| IRS | Internal Revenue Service |
| Federal budget | A detailed financial document containing estimates of federal income and spending during the coming fiscal year |
| Agency shop | company in which employees are not required to join the union, but must pay union dues |
| Payroll withholding system | system that automatically deducts income taxes from paychecks on a regular basis |
| Regressive tax | A tax for which the percentage of income paid in taxes decreases as income increases |
| Set aside contract | guaranteed contract or portion of a contract reserved for a targeted group, usually a minority |
| Capital gains | a profit from the sale of property or of an investment. |
| Tax assessor | an official who determines the value of a property |
| Seniority | years of service, which is used as a consideration for assigning committee members |
| Fact finding | an agreement between union and management to have a neutral third party collect facts about a dispute and present nonbinding recommendations |
| Closed shop | A company with a labor agreement under which union membership can be a condition of employment. |
| Excise tax | a tax on the production or sale of a good |
| Public sector | the part of the economy that involves the transactions of the government |
| Flat tax | proportional tax on individual income after a specified threshold has been reached |
| Benefit principle of taxation | belief that taxes should be paid according to benefits received regardless of income |
| Incidence of tax | the final burden of a tax |
| Private sector | the part of the economy that involves the transactions of individuals and businesses |
| FICA | taxes that fund Social Security and Medicare |
| Mediation | negotiation to resolve differences conducted by some impartial party |
| Run on the bank | a rush by depositors to withdraw their funds from a bank before it failed |
| Premium | an amount to be paid for an insurance policy. |
| Deficit spending | Government practice of spending more than it takes in from taxes |
| Injunction | An order which legally prevents something |
| Modified union shop | arrangement under which workers have the option to join a union after being hired |
| Arbitration | settling a dispute by agreeing to accept the decision of an impartial outsider |
| Set aside contract | guaranteed contract or portion of a contract reserved for a targeted group, usually a minority |
Created by:
lydiaAB44
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