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13 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Capitalism
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An economic system in which individuals and corporations, not the government, own the principal means of production and seek profits
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the corporations compete in the free market to reap profits, with this competition determining the amount of production and prices
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Mixed economy
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In economic system in which the government is deeply involved in economic decisions
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As through its role as regulator, consumer, subsidizer, taxer, employer, and a borrower
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multinational corporations
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Businesses with vast holdings in many countries
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Such a Disney, Coca Cola, and Microsoft
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Securities and Exchange Commission
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The federal agency created during the New Deal that regulates the stock market
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A government regulatory agency crucially involved in the regulation of big businesses
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Minimum wage
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The legal minimum hourly wage in which most workers are entitled
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Most american workers have a minimum wage $7.25 per hour in 2010
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Labor union
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An organization of workers and tended to engage in collective bargaining
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A 1935 law protects the right of workers to form and join labour unions engage in Collective bargaining about wages and working conditions with their employers under rules controlled by the national labor regulations board
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Collective bargaining
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Negotiations between representatives of labor unions and is ready to determine pay and acceptable working conditions
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A 1935 law protects the right of workers to form and join labour unions engage in Collective bargaining about wages and working conditions with their employers under rules controlled by the national labor regulations board
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Unemployment rate
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The proportion of the labor force actively seeking work but unable to find jobs
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The percentage of Americans seeking work or unable to find it
Measured by the Bureau of Labor Statistics |
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Inflation
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a rise in price of goods and services
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A major economic worried of policy makers
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Consumer Price Index
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the change in the cost of buying it fixed basket of goods and services
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the key measure of inflation
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Laissez faire
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The principle that government should not meddle in economy
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When the stock market crashed in 1929, and sent unemployment soaring, President Herbert Hoover clung to laissez faire
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monetary policy
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government manipulation of the supply of money in private hands
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one of two important tools by which the government can attempt to steer the economy
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monetarism
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the economic theory holding that the supply of money is the key to a nations economic health with too much cash and credit in circulation producing inflation
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holding that the key to a nations economic health
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