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18 Cards in this Set
- Front
- Back
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Economic regulation |
Government regulation of business practices, industry rates, roots, or areas service by particular industries. |
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Laissez-faire |
A French term meaning to allow to do, to leave alone. It holds that active government involvement in the economy is wrong |
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Business cycles |
Fluctuations between periods of economic growth and recession, or periods of boom and bust |
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Trusts |
Large scale, monopolistic business that dominate an industry |
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Interventionist state |
Alternative to the laissez-faire state; the government took an active role in guiding and regulating the private economy |
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Deregulation |
A reduction and market controls (such as pricing price-fixing, subsidies, or controls on who can enter the field) in favor of market based competition |
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Fiscal policy |
The deliberate use of national government texting its pending policies to maintain economic stability |
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Budget deficit |
The economic condition that occurs when expenditures exceed revenue |
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Inflation |
A rise in the general price level of an economy |
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Gross domestic product |
The total market value of all goods and services produced in an area during a year |
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Monetary policy |
A form of government regulation and which the nation's money supply and interest rates are controlled |
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Board of Governors |
In the Federal Reserve System, a seven-member board that makes most economic decisions regarding interest rates and the supply of money |
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Open market operations |
The buying and selling of government securities by the Federal Reserve Bank |
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Social Security Act |
A 1935 law that established old age insurance; assistance for the needy, aged, blind, and families with dependent children; and unemployment insurance |
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Entitlement program |
Government benefits that all citizens meeting eligibility criteria such as age, income level, or unemployment are legally entitled to receive |
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Non-means-tested programs |
Programs that provide cash assistance to qualify beneficiaries, regardless of income. Among these are Social Security and unemployment insurance |
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Economic stability |
A situation in which there is economic growth, rising national income, high employment, and steadiness in the general level of prices |
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Recession |
A decline in the economy that occurs as investments eggs, production falls off, and unemployment increases |
