Unit 6 Vocab Words- Civics And Economics
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| 1. Private Good | goods that, when consumed by an individual cannot be consumed by another
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| 2. Public Good | Economic goods that are consumed collectively, such as highways and nat'l defense
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| 3. Externality | the cost or benefit that affects a party who did not choose to incur that cost or benefit.
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| 4. Monopoly | complete control of the entire supply of goods or of a service in a certain area or market.
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| 5. Antitrust Law | are statutes developed by the U.S. Government to protect consumers from predatory business practices by ensuring that fair competition exists in an open-market economy.
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| 6. Merger | a combination of two things, especially companies, into one.
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| 7. Natural Monopoly | monopoly in an industry in which it is most efficient (involving the lowest long-run average cost) for production to be permanently concentrated in a single firm rather than contested competitively.
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| 8. Real GDP | The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis.
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| 9. Business Cycle | a cycle or series of cycles of economic expansion and contraction.
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| 10. Fiscal Policy | by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy. It is the sister strategy to monetary policy through which a central bank influences a nation's money supply.
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| 11. Consumer Price Index | an index of the variation in prices paid by typical consumers for retail goods and other items.
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| 12. Progressive Income Tax | is the taxing mechanism in which the taxing authority charges more taxes as the income of the taxpayer increases. A higher tax is collected from the taxpayers who earn more and lower taxes from taxpayers earning less.
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| 13. Earned Income Tax Credit (EITC) | a tax credit for working people with low or moderate income who have earned income. The amount of the credit depends on your filing status and exactly how much you earned.
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| 1. Central bank | a national bank that provides financial and banking services for its country's government and commercial banking system, as well as implementing the government's monetary policy and issuing currency.
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| 2. Federal Open Market Committee (FOMC) | a committee of the Federal Reserve Board that meets regularly to set monetary policy, including the interest rates that are charged to banks.
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| 3. Monetary Policy | is one of the ways that the U.S. government attempts to control the economy. If the money supply grows too fast, the rate of inflation will increase; if the growth of the money supply is slowed too much, then economic growth may also slow.
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| 4. Discount Rate | the minimum interest rate set by the Federal Reserve for lending to other banks
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| 5. Reserve | cash, or assets readily convertible into cash, held aside, as by a corporation, bank, state or national government, etc., to meet expected or unexpected demands.
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| 6. Open Market Operations | are the principal tools of monetary policy. (The discount rate and reserve requirements are also used
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| 1. Mandatory Spending | Spending that is mandated by law.
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| 2. Discretionary Spending | Money spent by consumers on non-essential purchases such as vacations or luxury items.
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| 3. Appropriations Bill | Act of Congress that proposes the use of public money , which is provided by U.S. Treasury funds, for a specific purpose or action.
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| 4. Intergovernmental Revenue | Agency set up by two or more states to carry out projects and plans in common interest.
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| 5. Entitlement Program | Program designed for the distribution or exercise of an absolute privilege or right to an economic benefit (such as old age pension, social security, unemployment stipend) granted by contract or law, automatically upon meeting the required qualification.
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| 6. Subsidize | To provide an incentive to perform or not perform a specific action, such as the manufacture of a good. The incentive is provided in the form of a subsidy.
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| 7. Deficit | Excess of expenses over income or liabilities over assets.
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| 8. Bond | A written and signed promise to pay a certain sum of money on a certain date, or on fulfillment of a specified condition.
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