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18 Cards in this Set
- Front
- Back
- 3rd side (hint)
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command |
govt controls decisions |
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market |
infividuals/businesses control decisions |
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mixed economy |
combination/mixture of command and market |
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FDA |
Food and Drug Administration - makes sure food/drugs are safe |
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FAA |
Federal Aviation Administration - makes sure planes are safe |
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FCC |
Federal communucation commission - crested to enforce rules of behavior for broadcasting |
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fiscal policy |
how the govt decide to collect and spend our tax dollars |
F=TS |
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Who is responsible for proposing the fiscal policy at the national level? |
The President |
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Who approves fiscal policy |
Congress approves fiscal policy |
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Business cycle |
the ups and downs of the economy |
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how can fiscal policy help the economy grow? |
it can reduce taxes and increase govt spending |
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how can fiscal policy help slow down the economy? |
it can increase taxes and reduce govt spending |
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equity |
an economic system which determines what is fair in the distribution of wealth (are things at a good price or nah?) |
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scarcity |
unlimited wants, limited resources |
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Monetary policy |
the way govt controls supply of money as a way to influence price stability and bring trust in the value of the currency |
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interest rate |
the percentage added to your payment each time |
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(federal) reserve requirement |
amount of money a bank must have (in case of emergency) |
emergency money |
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discount rate |
the rate that the feds charge banks |
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