Economics- GED set 2
Terms in this set (...)
Federal Reserve System (the Fed)
The central banking authority in the US, which supervises commercial banks by monitoring accounts and controlling interest rates.
The percentage of their deposits that member banks must keep available in the Federal Reserve Bank.
The rate of interest a Federal reserve bank charges other banks.
The lowest legal wage that may be paid to a worker.
The lowest interest rate that banks charge their best customers.
GDP ...Gross Domestic Product
The total monetary value of all goods and services produced in that country during a year.
Real GDP.. Real Gross Domestic Product
The value of a nation's production of goods and services during a year, corrected for the effects of inflation.
The economic system favored by the industrialized western world, allows for ownership of goods and the means of production. Basic control is in private hands.
Communism Economic System
The State owns the means of production and plans the economy. Examples are China and North Korea. In theory, everyone gets what they need by working for the good of all.
Similar to communism ... State owns major means of production and business planning, but encourages competition in small businesses. State provides major services.
Three major Economic Systems in the world are...
Capitalism, Communism, Socialism
YOU MIGHT ALSO LIKE...
Series 7 Top-Off Exam Preparation | Knopman Marks Guide
GOV 2305 Exam 4
OTHER SETS BY THIS CREATOR
Common Latin and Greek Suffixes
Common Latin and Greek Prefixes
Chap 4 US Government federalism
Branches of Government- Roles, Checks and Balances