chapters 16,17,18

40 terms by Alpha1996

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Trust

companies that benefit from the high prices they all agree to charge

Business cycle

a repeated series of economic ''ups'' and ''downs''

inflation

a general rise in the price level of goods and services

surplus

the amount by which government income is greater than spending

deficit

the amount by which government spending is greater than income

monetary policy

regulation of money supply by the Federal Reserve System

monopoly

a single business with the power to control prices

federal budget

government plan for raising and spending money

protection of private property

is not an economic proble Americans wanted government to solve

run businesses for common good

is a method government use to correct economic problems

fiscal policy

government decisions about the money it spends and collects

public assistance programs

the government attempts to give citizens economic security

demand deposit

money in a checking account

loan

an amount of money borrowed for a certain time period

bartering

exchanging goods and services for other goods and services

currency

coins and paper bills used as money in an economy

recession

a slowdown in economic activity and production

money supply

the total amount of money available for use as a medium of exchange

full employment

situation when anyone who wants to work can find work

bond

certificate sold on the promise of later repayment, with interest

national income accounting

keeping track of national income and spending

regressive tax

affects higher-income earners at a greater rate than lower-income earners

deflation

a period of dropping prices

indirect tax

a tax that is paid by someone other than the person against whom it is levied

lottery

game in which people buy tickets in hopes of winning a prize

economic growth

increased production of goods and services nationally

direct tax

tax paid by the person against whom it is levied

progressive tax

tax that affects lower income earners at a higher rate than higher earners

balanced budget

scenario that occurs when planned spending is equal to income

proportional tax

tax imposed at the same rate for people of all incomes

excise tax

fee charged on certain types of goods

sales tax

tax added to goods and services when they are sold

revenue

income for the government

inflation or deflation

is not a goal of policy makers with regards to the economy

the benefits received principle means that

those who pay a tax should benefit from it

most state and local governments are required by law

to have balanced or surplus budgets

the national debt refer

to the total amount of money the government has borrowed but not yet repaid

the framers of the constitution believed citizens have a basic right

to their economic freedom

gross domesic product (GDP)

how the government monitor the nation's economic health

federal taxes

take 25 percent or more of most people's income

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