Social Studies Vocab

36 terms by amchugh

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economic freedom

The freedom to own property, to make a profit, and to make choices about what to produce, buy, and sell

trust

A group of several companies organized to benefit from the high prices they all agree to charge.

monopoly

A single business with monopoly power

business cycle

A repeated series of positive and negative growth

Monetary Policy

Regulation of the money supply by the Federal Reserve

Fiscal Policy

A government's decision about the amount of money it spends and the amount it collects in taxes

Sherman & Clayton Antitrust Acts

To prevent unfair competition (trusts and monopolies) and unfair prices in business.

National & Fair Labor Standards Acts

Limited work hours, and increased minimum wage for workers. Also required employers to bargain with unions.

Occupational Safety & Health Administration

Sets and enforces health and safety requirements in a workplace.

Food and Drug Administration

Tests foods, cosmetics, and drugs for safety and correct advertisement.

Consumer Product Safety Commission

Sets rules regarding the safety of products. Also tests flammability of clothes, and can recall a product if it isn't believed to be safe.

Social Security

To give economic security by providing payments to unemployed

Public Assistance

Assists poor families by providing cash payments, food stamps but doesn't help only the unemployed.

Environmental Protection Agency

Controls pollution by regulating the amount of pollution buisinesses are allowed to omit.

Mortgage

A loan used to buy a house usually the largest amount of money you will ever spend.

Securities

An investment based on an intrest from debt

Investors

Individuals or corporations who take risks in order to gain profit

credit default swap

unregulated "pseudo-insurance" promising financial protection against investment loss, current laws don't set requirements for cash reserves set aside to payout claims.

default

failure to pay back a loan which may result in loss of property like a house or car.

recession

shrinking of the economy for two consecutive quarters, includes job loss, decreased income, and less spending

depression

a prolonged period of economic decline, more serious/severe than a recession

GDP

The total, final value of products created within the borders of a nation in a year.

Federal Budget

A government made plan on how to raise and spend money

Income tax

taxes given to citizens that taxes their income

excise tax

taxes charged on products: cigarettes, alcohol, gas

tariff

taxes charged on imported products

fees

charges to users of certain services: visitors of national parks

sales

government uses owned land to make money by selling those resources

deficit

when the government spends more than it makes in a year

bond

a "loan" to the government

surplus

when the government saves more money than it spends

National Debt

the amount of money USA owes to other lenders

national income accounting

A process that keeps track of our overall income and spending

economic growth

production of goods and services increases and indicates improvement in citizen's standard of living

inflation

When prices are increasing over time. Bad for economy

deflation

price levels decrease

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