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25 Cards in this Set

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  • Back
free enterprise
the freedom of private businesses to compete for profit with little government regulation.
deficit
an economic condition in which a government's spending exceeds its revenues.
national debt
the sum of money borrowed by the federal government but not yet repaid. The figure for the national debt also includes any interest owed.
monetary policy
economic policy that controls the money supply, mainly through the Federal Reserve System.
fiscal policy
policy that affects the economy by making changes in government spending and borrowing and tax rates.
discount rate
the interest rate member banks pay when they borrow from the Federal Reserve.
progressive tax
a tax that requires higher-income citizens to pay more than lower-income citizens.
regressive tax
a tax that is more burdensome for low-income people than for those with light incomes.
flat tax
a tax figured at a fixed rate.
entitlement
a payment required by law, given to people meeting particular eligibility requirements, such as Social Security Payments.
domestic policy
the decisions, actions, and principles that guide the government's approach to issues and problems within the United States.
foreign policy
the actions, decisions, and principles that guide the U.S. government's relationships with other nations.
monopoly
a business or group having exclusive control and lacking competition.
oligopoly
the domination of a kind of business by only a few companies.
conglomerate
a corporation that controls a variety of businesses.
collective bargaining
the negotiation between the representatives of organized workers and their employers, often to determine pay, hours, and working conditions.
public assistance
aid programs funded by state and federal tax money. They are available to those who meet eligibility requirements based on need.
social insurance programs
programs created to help elderly, ill, and unemployed citizens. They are funded by personal contributions and available to those who have paid into them.
welfare
aid given by the government or private agencies to the needy or disabled.
cold war
the period of hostility and tensions between the United States and the Soviet Union, lasting from the end of World War II until early 1990's.
Foreign Service
the diplomatic staff that represents the U.S. government in other nations.
ambassador
an official appointed to represent a nation in diplomatic or foreign policy matters.
foreign aid
a government's financial or military assistance to other countries.
sanction
a penalty against a nation that has violated international law.
deterrence
the U.S. defense policy that uses the threat of military attack to discourage enemy attack of hostile action.