Chapter 23 and 24 American Cit
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29 terms
Terms | Definitions |
|---|---|
 Food Stamps | government coupons that can be used to purchase food |
| Women, Infants, and Children | provides help with nutrition and health care to low-income women, infants, and children up to age 5 |
| progressive income tax | the tax rate is lower at lower incomes and higher for higher incomes |
| Earned income tax credit | gives tax credits and even cash payments to qualified workers |
| central bank | the federal reserve system (the fed) |
| Federal Open Market Committee | Makes the decisions that affect the economy as a whole by manipulating the money supply |
| monetary policy | controls the supply of money and the cost of borrowing money according to the needs of the economy |
| discount rate | the rate the Fed charges member banks for loans |
| reserve | keeping a certain percentage of money in the Fed |
| open market operations | the purchase or sale of government bonds and treasury bills |
| 1913 | year the Fed began |
| 30000 | number of varieties of currency there were at once |
| Federal reserve act | the law that created the Federal Reserve System |
| 7 | number board of governors |
| public sector | the board of governors |
| 12 | number of regional banks |
| private sector | the regional banks |
| federal open market committee | the group that establishes the monetary policy |
| inflation | when the production of goods cannot keep up with the growth in demand therefore prices rise |
| recession | when money for the supply and demand of goods decreases and prices fall |
| education, wealth, and discrimination | Reasons for income differences |
| Temporary assistance for needy families | when families loose someone, or they are disabled or absent, this group provides help temporarily. |
| Civil Rights Act of 1964 | banned discrimination on the basis of gender, race, color, and national origin. |
| Workfare | Teaches people skills that they can use for jobs |
| The Fed | It is the central bank of the United States. It is the banker's bank; therefore it oversees all public banks. |
| SSI | it is designed to help blind, aged, and disabled people and provides cash for basic needs such has food, clothing, and shelter. |
| Interest rate | The payment people receive when they lend money or allow someone else to us their money. If there is an increase in the supply of money there are lower interest rates and if there is a decrease there are higher interest rates. |
| Discount rate | The rates banks are charged for loans. If there is an increase in the supply of money there are low discount rates, decrease high discount rates |
| Reserve requirement | If it is high there is less money to lend and if it is low there is more money to lend |
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