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36 terms

Social Studies Vocab

STUDY
PLAY
economic freedom
The freedom to own property, to make a profit, and to make choices about what to produce, buy, and sell
trust
A group of several companies organized to benefit from the high prices they all agree to charge.
monopoly
A single business with monopoly power
business cycle
A repeated series of positive and negative growth
Monetary Policy
Regulation of the money supply by the Federal Reserve
Fiscal Policy
A government's decision about the amount of money it spends and the amount it collects in taxes
Sherman & Clayton Antitrust Acts
To prevent unfair competition (trusts and monopolies) and unfair prices in business.
National & Fair Labor Standards Acts
Limited work hours, and increased minimum wage for workers. Also required employers to bargain with unions.
Occupational Safety & Health Administration
Sets and enforces health and safety requirements in a workplace.
Food and Drug Administration
Tests foods, cosmetics, and drugs for safety and correct advertisement.
Consumer Product Safety Commission
Sets rules regarding the safety of products. Also tests flammability of clothes, and can recall a product if it isn't believed to be safe.
Social Security
To give economic security by providing payments to unemployed
Public Assistance
Assists poor families by providing cash payments, food stamps but doesn't help only the unemployed.
Environmental Protection Agency
Controls pollution by regulating the amount of pollution buisinesses are allowed to omit.
Mortgage
A loan used to buy a house usually the largest amount of money you will ever spend.
Securities
An investment based on an intrest from debt
Investors
Individuals or corporations who take risks in order to gain profit
credit default swap
unregulated "pseudo-insurance" promising financial protection against investment loss, current laws don't set requirements for cash reserves set aside to payout claims.
default
failure to pay back a loan which may result in loss of property like a house or car.
recession
shrinking of the economy for two consecutive quarters, includes job loss, decreased income, and less spending
depression
a prolonged period of economic decline, more serious/severe than a recession
GDP
The total, final value of products created within the borders of a nation in a year.
Federal Budget
A government made plan on how to raise and spend money
Income tax
taxes given to citizens that taxes their income
excise tax
taxes charged on products: cigarettes, alcohol, gas
tariff
taxes charged on imported products
fees
charges to users of certain services: visitors of national parks
sales
government uses owned land to make money by selling those resources
deficit
when the government spends more than it makes in a year
bond
a "loan" to the government
surplus
when the government saves more money than it spends
National Debt
the amount of money USA owes to other lenders
national income accounting
A process that keeps track of our overall income and spending
economic growth
production of goods and services increases and indicates improvement in citizen's standard of living
inflation
When prices are increasing over time. Bad for economy
deflation
price levels decrease