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Economic Policy 2

Need to Know

QuestionAnswer
1. Economic Policy The actions that governments take in the economic field. It covers the systems for setting interest rates and government budget as well as the labor market, national ownership, and many other areas.
2. Federal Reserve The central banking system for the United States.
3. Mixed Economy An economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies.
4. Securities and Exchange Commission Created in 1934 in order to enforce the securitites laws and regulate the security industry as well as the stock exchange
5. Minimum Wage The bare minimum that a person can be paid to work somewhere. Right now the bare minimum is $7.25
6. Unemployment When a person has no job and is defined by the government as a person who is activly searching out a job within the past four weeks.
7. Inflatoin A rise in the cost of goods in the economy over a given amount of time.
8. Office of Management and Budget Designed to help the president in creating a federal budget that is to be sent to the Congress for approval. Gathers the information and puts it together.
9. Monetary Policy The process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability.
10. Fiscal Policy The use of the governments money to influence the economy.
11. Discretionary Spending A spending category through which governments can spend through an appropriations bill.
12. Non-Discretionary Spending Spending that is required by law.
13. National Debt The amount of money that a nation has borrowed from another nation through various means
14. Deficit The amount by which a sum falls short of some reference amount.
15. World Trade Organization Created in 1995 and is an organization that intends to supervise and liberalize international trade.
16. Antitrust Policy Refers to government policy to regulate or break up monopolies in order to promote free competition and attain the benefits that such competition can provide to the economy and to society as a whole
17. Monetarism A tendency in economic thought that emphasizes the role of governments in controlling the amount of money in circulation.
18. Keynesianism The economic theories of John Maynard Keynes who advocated government monetary and fiscal programs intended to stimulate business activity and increase employment
19. Suply-side economics Argues that economic growth can be most effectively created by lowering barriers for people to produce goods and services, such as lowering income tax and capital gains tax rates, and by allowing greater flexibility by reducing regulation.
20. Planning (in your book) A form of this is price and wage controls.this view big corporations can raise prices becuase othe forces of competition are too weak to restrain them and labor unions can force up wages becuase management finds it easy to pass the increass to the consume
Created by: ggrace