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Economic Policy

QuestionAnswer
1. Economic Policy A government policy for maintaining economic growth and tax revenues.
2. Federal Reserve The federal banking authority in the US that performs the functions of a central bank and is used to implement the country's monetary policy, providing a national system of reserve cash available to banks.
3. Mixed Economy An economic system combining private and public enterprise.
4. Securities and Exchange Commission (SEC) An independent federal agency that oversees the exchange of securities to protect investors.
5. Minimum Wage The lowest wage permitted by law or by a special agreement.
6. Unemployment Defined by the International Labour Organization, occurs when people are without jobs and they have sought work within the past four weeks. The unemployment rate is a measure unemployment and the current labor force.
7. Inflation A general increase in prices and fall in the purchasing value of money. Good for the economy.
8. Office of Management and Budget (OMB) White House office responsible for devising and submitting the president's annual budget proposal to Congress.
9. Monetary Policy The process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest to attain a set of objectives oriented towards the growth and stability of the economy.
10. Fiscal Policy Fiscal policy is the use of government expenditure and revenue collection (taxation) to influence the economy
11. Discretionary Spending Discretionary spending is a spending category about which government planners can make choices. See Government spending. It refers to spending set on a yearly basis by decision of Congress and is part of fiscal policy.
12. Non-Discretionary Spending Non-discretionary spending is spending that's required by law -- Congress would have to change a law to change the spending. Examples: Social Security, Medicare and Medicaid.
13. National Debt The total amount of money that a country's government has borrowed, by various means.
14. Deficit An excess of expenditure or liabilities over income or assets in a given period. The American Government is very fond of deficits.
15. World Trade Organization An international body founded in 1995 to promote international trade and economic development by reducing tariffs and other restrictions.
16. Antitrust Policy Collection of national and state laws (including the Sherman Antitrust Act of 1890) aimed at preventing a single business from gaining monopoly control over a particular sector of the economy.
17. Monetarism The theory or practice of controlling the supply of money as the chief method of stabilizing the economy.
18. Keynesianism A prescriptive or normative economic stance according to which the state should actively stimulate economic growth and improve stability in the private sector through interest rates, taxation and public projects
19. Supply-side economics A school of economics which holds that decreasing impediments to the supply and efficient use of factors of production, such as reductions in the tax rates, increases incentives and shifts the aggregate supply curve
20. Planning Refers to any directing or planning of economic activity by the state, in an attempt to achieve specific economic or social outcomes.
Created by: shelbyfullerton
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