Gov 17.txt

  1. Capitalism
    Economic system where indiv. and corps, not the gov't, own the principal means of production and seek profit
  2. Mixed economy
    Economic system where the gov't is involved in economic decisions a the regulator, consumer, subsidizer, taxer, employer. And borrower
  3. Multinational corporations
    • Businesses with vast holdings in many countries
    • Many have budgets that exceed those of foreign gov't
  4. Security and Exchange Commission
    Agency from New Deal the regulates stock fraud
  5. Minimum wage
    Legal minimum hourly wage for large employers
  6. Labor union
    Organization of workers intended to engage in collective bargaining
  7. Collective bargaining
    Negotiations between labor union reps and management to determine pay and working conditions
  8. Unemployment rate
    • Measured by Bureau of Labor Stats
    • Proportion of labor force seeking work but unable to find jobs
  9. Inflation
    Rise in price of consumer goods
  10. Consumer price index
    Measure of inflation that related the rise in prices over time
  11. Laissez-faire
    Gov't shouldn't meddle in the economy
  12. Monetary policy
    • Manipulation of the supply of money in banks
    • Govt can use to control economy
  13. Monetarism
    • A supply of money is the key to a nation's economic health
    • Too much cash and credit causes inflation
  14. Federal Reserve System
    • Main way to make monetary policy
    • Created in 1913 to regulate lending practices of banks and money supply
  15. Fiscal policy
    • Describes the impact of taxes, spending and borrowing on the economy
    • Almost entirely determine by Congress and the president
  16. Keynesian economic theory
    • Govt spending and deficits can help the economy weather ups and downs
    • Use power of govt when economy is lagging
  17. Supply-side economics
    • Advocated by president Reagan
    • Too much taxing leads to little available money
    • Cut taxes and return purchasing power to consumers
  18. Protectionism
    Shielding an economy from imports
  19. World Trade Organization
    Regulates international trade
  20. Antitrust policy
    Ensures competition and prevents monopoly
  21. Food and Drug Administration
    • Formed 1913
    • Approves all food products and drugs (except tobacco) sold in US
  22. National Labor Relations Act
    • 1935 law known as Wagner Act
    • Guarantees workers the right to collective bargaining, sets down rules to protect unions, and created the Nat'l Labor Relations Board to regulate labor management regulations
Card Set
Gov 17.txt
chapter 17