17 Flashcards
(22 cards)
economic system in which individuals and corporations, not the the government, own the principal means of productioncapitalism
capitalism
economic system in which the government is deeply involved in economic decisions
mixed economy
business with vast holdings in many countries
multinational corporations
federal agency created during the new deal that REGULATES THE STOCK MARKET
securities and exchange commission
legal minimum hourly wage to which most workers are entitled
minimum wage
organisation of workers intended to ENGAGE IN COLLECTIVE bargaining
labor union
negations between representations of labor unions and management to determine pay and acceptable working conditions
collective bargaining
measured by the BUREAU of labor statistics, portion of labor force actively seeking work but unable to find any
unemployment rate
measured by the bureau of labor statistics, a statistic that includes discouraged workers and people who are working part-time cause they cant find full-time work.
underemployment rate
a RISE of price of goods and services
inflation
KEY MEASURE of inflation- change in cost of buying a fixedbasket of goods and services
consumer price index
Gov manipulation of the supply of money in private hands-one of two IMPORTATNT TOOLS by which the gov can attempt to steer
monetary policy
economic theory holding that the supply of MONEY is the KEY to a nations economic health
monetarism
the main instrument for making monetary policy in the us- created by congress in 1913 to REGULATE the LENDING practices of banks and thus money supply
federal reserve system
use of federal budget-taxes, spending, and borrowing- to INFLUENCE the economy- main tool by which the gov can attempt to steer the economy
fiscal policy
named after english economist “John Maynard Keynes”, - emphasising that gov spending and deficits can help the economy deal with its ups and downs
keynesian economic theory
economic theory, first applied DURING REAGAN administration, holding the key task for fiscal policy is to simulate the supply of goods
supply-side economics
economic policy of shielding an economy from IMPORTS
protectionism
international organization that PROMOTES FREE TRADE
world trade organization
Policy designed to ensure competition and PREVENT MONOPOLY
antitrust policy
federal agency formed 1913, BROAD REGULATIONS POWERS OVER THE MANUFACTURING, CONTENTS, MARKETING, AND LABELLING OF FOODS AND DRUGS
food and drug administration
1935 law, “WAGNER ACT”- guarantees workers the right of COLLECTIVE BARGAINING, sets down rules to protect unions and organizers, and created national labor relations board to regulate labor
National labor relations act1
