Week 10 Flashcards
(39 cards)
the science of the production and distribution of wealth
economics
the products and services offered & the ability to buy
supply and demand
when spending produces more income over time than what was spent initially
multiplier effect
an effort by the federal government to address a slowdown in economic growth by putting money back into the hands of workers and businesses
Economic Stimulus Act of 2008
this legislation authorized the Treasury Secretary to spend up to $700 billion to buy troubled assets, thereby creating the TARP program
Emergency Economic Stabilization Act of 2008 (EESA)
originally the program included efforts to stimulate the economy that were estimated to total $821 billion in increased discretionary and mandatory spending and reduced tax revenue over the next 10 years.
American Recovery and Reinvestment Act of 2009 (ARRA)
Comprise all civilians who had no employment during the reference week [the week in which the data were gathered that month], who made specific efforts to find a job within the previous 4 weeks (such as applying directly to an employer or to a public employment service or checking with friends), and who were available for work during that week, except for temporary illness. Persons on layoff from a job and expecting recall are also classified under this category as well
unemployment
unemployment due to the structure of our economic system (ex; some people, in spite of wanting to work, find themselves unable to gain access to training or education needed for the jobs available.)
structural unemployment
a person who was trained for and employed in an occupation that is no longer needed
dislocated worker
unemployment that reflects changes in the times of the year (ex; retailers sell most of their goods during the winter holiday season, so they hire more workers at that time)
seasonal unemployment
unemployment that is limited to a specific region or a specific type of work
geographic/industry unemployment
a situation in which there are very few workers available for jobs paying typical wages and those looking for jobs can find them
full employment
an act whose goal was maximum employment through government actions such as spending and taxing to stabilize the economy
Employment Act of 1946
an act with the goal of creating public service jobs
Comprehensive Employment and Training Act of 1973 (CETA)
an act passed to replace CETA and change job creation from the public sector to the private sector
Job Training Partnership Act (JTPA)
this act required states to offer employment services through a centralized system with one-stop centers (also replaced JTPA)
Workforce Investment Act (WIA)
compulsory payments made to the government to ensure that we have a government that will maintain law and order, protect property rights, and uphold civil rights
taxes
an act with the goal of highlighting the strengths of the WIA including state and local governance and use of local boards while streamlining the services offered and reducing administrative barriers
Workforce Innovation and Opportunity Act (WIOA)
taxes that take an increasing percentage as income rises
progressive taxes
taxes that are proportionately higher on low-incomes
regressive taxes
a governmental guarantee of a base hourly wage
minimum wage
an act that standardized work hours and controlled child labor as well as set the minimum wage
Fair labor Standards Act of 1938
an act which raised the minimum wage to $4.75 and then to $5.15
Small Business Protection Act
enacted in 1975, the legislation allows for a decrease in taxes paid for low-income workers.
Earned Income Tax Credit
