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Surplus

The amount by which government income is greater than spending.

Inflation

A genral rise in the price level of goods and services

Monopoly

A single business with the power to control prices.

Bussiness cycle

A repeated series of economics " ups and " downs.

Monetary Policy

Regulation of money supply by the Federal Reserve System.

Deficit

The amount by which government spending is greater than income.

Trust

Companies that benefit from the high prices they all agree to charge.

Currency

Coins and paper bills used as money in an economy.

Money supply

The total amount of money available for use as a meduim of exchange.

Recession

A slowdown in economic activity and production.

Demand Deposit

Money in checking account.

Bartering

Exchanging goods and services for other goods and services.

Loan

An amount of money borrowed for a certain time period.

economic growth

Increased production of goods and services nationally.

Lottery

Game i which people buy tickets in hopes of winning a prize.

Progressive tax

Affects higher-income earners at a greater rate han lower-income earners.

Direct tax

Tax paid by the person against whom it is levied.

Excise tax

Fee charged on certain types of goods.

Full employment

Situation when anyone who wants to work can find work.

Entitlement program

Provides benefits to people who by law must receive them.

Deflation

A period of dropping prices.

National income accounting

Keeping track of national income and spending.

Balanced budget

Scenario that occurs when planned spending is equal to income.

Sales tax

Tax added to goods and services when they are sold.

Regressive tax

Tax that affects lower income earners at a higher rate than higher earners.

Income tax

Tax based on wages or saleries.

Proportional tax

Tax imposed at the same rate for people of all incomes.

Inderect tax

A tax that is paid by someone other than the person against whom is is levied.

Bond

Certificate sold on the promise of laer repayment, with interest.

Quantity

How much

Command economy

The government or a central authority makes basic economic decisions.

Factors of production

Resources for producing goods and services to satisfy people's wants.

Mixed economy

An economy that is a combination of the three basic systems.

Traditional economy

An economy in which basic decisions are made according to custom.

Consumption

The buying or using of goods and services.

Invest

Use your money to help a business get started.

Technology

The practical application of science to commerce or industry.

Market economy

People make their own choices about production and consumption.

Fringe benefits

Inderect payments for work.

Career

Occupation you train for and pursue as a lifework.

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