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An economic system in which individuals and corporations, not the government, own the principal means of production and seek profits
An economic system in which the government is deeply involved in economic decisions through its role as regulator, consumer, subsidizer, taxer, employer, and borrower
Businesses with vast holdings in many countries, many of which have annual budgets exceeding that of many foreign governments
Securities and Exchange Commission
The federal agency created during the New Deal that regulates stock fraud
Negotiations between representatives of labor unions and management to determine pay and acceptable working conditions
As measured by the Bureau of Labor Statistics, the proportion of the labor force actively seeking work but unable to find jobs
Based on the monetarism, monetary policy is the manipulation of the supply of money in private hands by which the government can control the economy
An economic theory holding that the supply of money is the key to a nation's economic health; monetarists believe that too much cash and credit in circulation produces inflation
Federal Reserve System
The main instrument for making monetary policy in the United states; it was created by Congress in 1913 to regulate the lending practices of banks and thus the money supply
The policy that describes the impact of the federal budget- taxes, spending, and borrowing- on the economy; fiscal policy is almost entirely determined by Congress and the president, who are the budget makers
Keynesian Economic Theory
The theory emphasizing that government spending and deficits can help the economy weather its normal ups and downs
An economic theory advocated by President Reagan holding that too much income goes to taxes so that too little money is available for purchasing and that the solution is to cut taxes and return purchasing power to consumers
A policy designed to ensure competition and prevent monopoly, which is the control of a market by one company
Food and Drug Administration
The federal agency formed in 1913 and assigned the task of approving all food products and drugs sold in the United States
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