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33 Cards in this Set

  • Front
  • Back
BLS
Bureau Labor Statistics
function of BLS
measure unemployment
CPI
Consumer Price Index
measures inflation
inflation
rise in prices for consumer goods
COLA
Cost of Living Adjustments
based on inflation
FED
Federal Reserve system
Monetary policy
manipulation of the supply of money and credit in private hands by the FED

not touched by pres and congress
job of FED
set interest (discount) rates
sets reserved requirements for banks
buy and sell treasury bonds
Fiscal policy
dealing w/ the control of money that involves congress and the pres
how the president and congress get involved with fiscal policy
dealing w/ budget: taxing, spending, borrowing
Keynesian economics
government must stimulated economy with demand. government can spend its way out of depression
supply side economics
tax cuts increase spending. government stimulated supply not demand
obstacles to controlling economy by pres and congress
politicians aren't economists
becomes a big guessing game
capitalist society which means the private sector is bigger than the gov and they have trouble controlling
anti-trust policy
ensure competition and prevent monopoly
sherman anti-trust act of 1890
allowed for gov to break up monopolies
government aid to businesses
subsidies, tax breaks, etc.
department of commerce
collects data on market and product trends
helps exporting
and pattening
small business administration
counselor, advisor, loaner for small business
Food and Drug Act
prohibits transport of impure food
Consumer Product Safety Commission
ban of unsafe products
consumer protection act
must be spelled out how much $$ you are going to pay in loans
clayton anti-trust act
exempted unions from anti-trust laws
yellow dog contract
employees sign document not to join a union
Wagner Act
guarenteed unions to collective bargaining
taft-heartly act
prohibited unfair labor union practices. president can stop strikes. state can pass right to work laws
entitlement programs
government benefits that are automatically given to individuals ex. social security
means-tested program
provides benefits to only ppl below the poverty line
progressive tax
a tax where the government takes a greater share of the income of the rich than the poor (ex: income tax)
relative depravation
sense that ppl are doing less well than the others around them
how government affects income
spending power and taxing power
transfer payments
benefits government pays to an individual
"in-kind" payments
a non-monetary thing w/ monetary value (food stamps)
omnibus budget reconciliation act
reagan's 1st year used it to make big welfare cuts and shifted responsibility to states