AP GOVT. CPHS CHAP. 18
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| Business Cycles | Fluctuation between expansion and recession that is a part of modern capitalist economies.
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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 governmental involvement in the economy is wrong.
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| Interventionist State | Alternative to the laissez-faire state; the government takes an active role in guiding and managing the private economy.
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| Economic Regulation | Governmental regulation of business practices, industry rates, routes, or areas serviced by particular industries.
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| Social Regulation | Governmental regulation of the quality and safety of products as well as the conditions under which goods and services are produced.
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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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| Federal Reserve Board | A seven-member board that sets member banks' reserve requirements, controls the discount rate, and makes other economic decisions.
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| Reserve Requirements | Governmental requirements that a portion of member banks' deposits must be retained to back loans made.
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| Discount Rate | The rate of interest at which member banks can borrow money from their regional Federal Reserve Bank.
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| Open Market operations | The buying and selling of government securities by the Federal Reserve Bank in the securities market.
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| Fiscal Policy | Federal government policies on taxes, spending, and debt management, intended to promote the nation's macroeconomic goals, particularly with respect to employment, price stability, and growth.
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| Gross Domestic Product (GDP) | The total market value of all goods and services produced in a country during a year.
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