| Term | Definition |
|---|
| Economic Freedom | The freedom to own property, make a profit, and to make choices about what to produce, buy, and sell |
| Article I, Section 8 | the eeconomic powers given to the congress are to coin money, collect taxes, borrow money, set up postal service, build roads and regulate commerce |
| Increased govt. involement in the economy | because many businesses have earned profits unfairly, working conditions have been dangerous,lack of security damage. |
| labor unions | better working conditions, protects certain working groups,fair wages, striking is an option |
| profits earned unfairly | some businesses have but its competition out of business, or made secre4t deals with competitors to fix prices and have decieved customers |
| unsafe working conditions | workers have been required to work many hours with little pay, some workers had to use dangerous machines wiyh no protection |
| Economic Security | People loose their jobs due to sickness injury or old age. Many were faved with hunger and homeless. Discrimination made it hard to get a job. |
| Unsafe products | bacteria in food has caused diseases, some medicines worked incorrectly and made people even more sick . Household products injured people and toys have hurt children. |
| Unstable economy | economic slowdowns put many people out of work. Inflations reduced the buying power of people's money Drought and flooding made farmers loose crops. |
| Enviornment Damage | Businesses have polluted the air, water, and land. Plants and animals have been threatened |
| regulate Business | The govt. can pass lawas that sets rules for business conduct, set up regulatory agencies to enforce these laws |
| Direct Payement to individuals | The govt. can Give money to people who need help to pay for food, shelter, medical care, and other basic needs |
| Own Resources and Produces goods and services | own land, run businesses that promote the common good |
| Pay for important economic activities | give money to a private business to help provide an important product or service |
| Spending and Taxation | Taxes take money from the economy , and spending puts it back, by controlling spending and the flow of taxes the govt. can influence the economy |
| Special Tax rules | The govt. Can change tax rates on people's incomes, change taxes to reward or punish people on their economic activities. Such as buying a hybrid or smoking cigerettes |
| Trusts | group of companies organized to benefit from high prices that they all agree to charge |
| Monopolies | A single business with monopoly power( the power to controll prices ina market) |
| Public Utility exception | business that provide viatl services such as water, electricity, and local phone service are allowed because competetion by small businesses can be inefficient. To keep utilities prices fair, state and local govts. often set rates by law. |
| National Fair Labor Standards Act( N.F.L.S.A) | Limits how many hrs. you're allowed to work, sets a minimum wage and requires employers to bargain with unions |
| Fair Labor Standards Act f.l.s.a | limit working hrs., sets minimum wage and requires employers to bargain with unions |
| Occupational Safety and Health Admin. O.S.H.A | requires workers to be protected in a potential injury area |
| Food and Drug Admin. F.D.A | regulayes food and drug |
| Consumer Products Safety Commission C.P.S.C | safety rules for products |
| Social Security | provides montly payment to workers or families to replace income loss when someone retires, becomes injured, or dies. |
| Public Assistance | to allow citizens to get everyday items |
| Business cycle | a repeated series of "ups" of growth and " downs" of reccession |
| monetary policy | The Federal Reserve regulate the supply of money, the size of it, and has a big influence on the health of the economy |
| fiscal policy | a govts. decision about the amount of money it spends, and the amount it collects in taxes |
| Fedreal Reserve System | spends billions each year on highways, public assistance and thousands of other products and services. regulates the supply of money |
| Environmental Protection Agency E.P.A | controlles pollution by making rules about what can nbve dumped into our air,water and soil |
| mortgage | a loan used to buy a house |
| securities | an investment based on intrest from debt |
| investors | individuals or corporations who take risks in order to gain profit |
| credit default swap | unregulated insurance promosing financial protection against investment loss; current laws don't set requirements for cash reserves set aside to pay out claims |
| default | failure to pay back a loan which may recult in loss of property |
| recession | shrinking of the economy for two consecutive quarters, including less jobs, decreased income. and less spending |
| depression | a prolonged priod of economic decline, more serious than a recession |
| GDP | the final value of products created within the borders of a nation in a year |
| Federal budget(definition) | the governments idea and escape route for how it will raise money and spend it |
| Federal budget spending vs. scarcity | the government can't spend alot on things if there is a minimum of a little supply of it |
| income tax | the amount of money that come in by the government form tax |
| excise tax | taxes charged for specific products, such as jewlery |
| tariff | taxes imported on a product |
| fees | the amount payed fro federal services ( visiting a national park) |
| sales | charges for purchases of goods for factors of production (f.o.p's) |
| deficit | the numberin a year, the govt. spends more than it recieves in |
| bonds | "loans" to a government, to make up for a deficit when a government borrows money |
| surplus | the amount a year when the government recieves more than it s spending |
| national debt | the amount of money the government owes its lenders |
| Nantional Income accounting definition | the amount of a nations overall income and spending in a process |
| Economic growth | a measurable increase in GDP or GNP, occurs without a major increase in prices, this also indicates improvement in citizens' standard of living |
| Inflation | a general increase in prices, occurs naturally over time, dangerous when occurs quickly |
| Deflation | prices decrese across the economy. Corporate losses= layoffs |
Combine with other sets
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