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37 Cards in this Set

  • Front
  • Back
Antitrust Policy
policy designed to ensure competition and prevent monopolies
Capitalism
an economic system in which individuals and corporations, not the government, own the principle means of production and seek profits
Collective Bargaining
union representatives and management determine pay and working conditions
Consumer Price Index (CPI)
the key measure of inflation that relates the rise in prices over time
Federal Reserve System
main policymaker is the board of governors(7 members, 14 year term)
Fiscal Policy
policy that describes the impact of the federal budget on the economy
FDA
created in 1913; approves foods and drugs sold in the US
Inflation
rises in prices for consumer goods
Keynesian Economic Theory
the theory emphasizing that government spending and deficits can help the economy weather its normal ups and downs. Proponents of this theory advocate using the power of government to stimulate the economy when it is lagging.
Laissez-Faire
the principle that government should not meddle in the economy
mixed economy
an economic system in which government is deeply involved in economic decisions through its role as regulator, consumer, subsidizer, taxer, employer and borrower
monetarism
manipulation of money in private hands-too much cash and credit produces inflation
monetary policy
supply of money in private hands by which the government can control the economy
multinational corporations
large businesses with vast holdings in many countries. many of these companies are larger than most governments.
national labor relations act
also known as the wagner act, regulates labor-managment relations and guarenteed collective bargaining
Right-to-work Laws
forbid requirements that workers must join a union
SEC (Securities and Exchange Commission)
the federal agency created during the New Deal that regulates stock fraud
Supply-side economics
policy that says there is too much taxation and not enough money to purchase goods and services (trickle down economics)
Taft-Hartley Act
gives the President power to halt strikes
Unemployment Rate
measured by the BLS, the portion of the labor force actively seeking work
entitlement programs
government benefits that certain qualified individuals are entitled to by law, regardless of need
means-tested programs
government programs only available toindividuals below poverty line
income
amount of funds collected between any two points in time
wealth
amount of funds already owned
poverty line
considers what a family must spend for an "austere" standard of living
feminization of poverty
high rates of poverty among unmarried women
progressive tax
people with higher income pay a greater share
proportional tax
all people pay the same share of their income
regressive tax
tax credits to the wealthy
earned income tax credit
negative income tax that provided income to very poor people (for children up to the age of 23, in in school)
income distribution
the shares of the national income earned by various groups
personal responsibility and work opportunity reconcilation act
in august of 1996 the president and the congressional republicans completed a welfare reform bill that received almost unanimous backing among congressional republicans but that was opposed by half of congressional democrats
social securtity act of 1935
this law passed during the great depression that was intended to provide a minimal level of sustenance to older americans and thus save them from poverty
social security trust fund
the "bank account" into which social securtiy contribution are deosited and used to pay out eligible recipients
social welfare policies
policies that provide benefits to individuals either through entitlements or means testing
temporary assistance to needy families
once called aid to families with dependent children the new name for public assistance to needy families
transfer payments
benefits given by the government directly to individuals. transfer payments may be either cash transfers, such as social securtity payments and retirment payments to former government employees, or in kind transfers, such as food stamps and low interest loans for college education