| Term | Definition |
|---|
| capitalism | An economic system in which individuals and corporations, not the government, own the principal means of production and seek profits. |
| mixed economy | An economic system in which the government is deeply involved in the economic decisions through its role as regulator, consumer, subsidizer, taxer, employer, and borrower. |
| multinational corporation | Large business with vast holdings in many countries. Many of these companies are larger than most governments. |
| Securities and Exchange Commission | The federal agency created during the New Deal that regulates stock fraud. |
| minimum wage | The legal minimum hourly wage for large employees, currently $5.15 per hour. |
| labor unions | Organizations of workers intended to engage in collective bargaining. |
| collective bargaining | Negotiations between representatives of labors unions and management to determine acceptable working conditions. |
| unemployment rate | As measured by the Bureau of Labor Statistics (BLS), the proportion of the labor force actively seeking work but unable to find jobs. |
| inflation | The rise in prices for consumer goods. |
| consumer price index (CPI) | The key measure of inflation that relates the rise in prices over time. |
| laissez-faire | The principle that government should not meddle in the economy. |
| monetary policy | Manipulation of the supply of money in private hands by which the government can control the economy. |
| monetarism | An economic theory holding that the supply of money is key to a nation's economic health. |
| Federal Reserve System | The main instrument for making monetary policy in the United States. |
| fiscal policy | The policy that describes the impact of the federal budget-taxes, spending, and borrowing- on the economy. |
Combine with other sets
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