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Fractional Reserve Banking
A system of banking whereby banks keep a percentage of checking and saving deposits in reserve, leaving the rest available for loans and investments
Federal Reserve System
The central bank of the US, which provides services to banks, regulates their activities, and controls the nation's monetary policy
Board of Governors
Seven people appointed by President for a 14 year terms who are responsible for running the Federal Reserve System as a whole
A situation in which any person who wants and is able to work should be able to find a job
National Income Accounting
The tracking by the federal government of all the income and spending happening in the overall economy.
An increase in the production of goods and services, which may provide citizens with a higher standard of living.
A tax system whereby each taxpayer is required to pay the same proportion or percentage of their income as taxes
A tax that takes a higher percentage from the income of a person who has a low income than from a person who has a higher income
A tax system where by the percentage of a person's income that he or she pays in taxes increases with the more income he or she has
A certificate that people buy from the government which agrees to pay back the cost of the bond, plus interest, after a set period of time
The Freedom to own property, to make a profit, and to make choices about what to produce, buy, and sell
A government's decisions about the amount of money it spends and the amount it collects in taxes
Gross Domestic Product
The total dollar value of all final goods and services produced and sold in the country in a year
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