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40 terms

Gerald Wilkins

STUDY
PLAY
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.