Chapter 18 Vocabulary Terms
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| Business Cycles | Fluctuation between expansion and recession that are a part of modern capitalist economics.
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| Laissez-Faire | A French term literally meaning “to allow to do, to leave alone.” It is a hands-off governmental policy that is based on the belief that government involvement in the economy is wrong.
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| Interventionist State | Alternative to the laissez-faire state; the government take an active role in guiding and managing the private
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| Economic Regulation | Government regulation of business practices, industry rates, routes, or areas serviced by particular industries.
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| Social Regulation | Government regulation of the quality and safety of products as well as the conditions under which goods and services are produced.
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| Deregulation | A reduction in market controls (such as price fixing, subsidies, or controls on who can enter the field) in favor of market-based competition
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| Economic Stability | A situation in which there is economic growth, rising national income, high employment, and steadiness in the general level of prices.
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| Inflation | A rise in the general price levels of an economy
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| Recession | A short-term decline in the economy that occurs as investment sags, production falls off, and unemployment increases.
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| Monetary Policy | A form of government regulation in which the nation’s money supply and interest rates are controlled.
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| Money | A system of exchange for goods and services that includes currency, coins, and bank deposits.
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