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12 Cards in this Set
- Front
- Back
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Economic Freedom
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the freedom to own property to make a profit, and to make choices about what to produce, buy and sell
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trust
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a group of serveral companies organized to benefit from the high prices they all agree to change
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Monopoly
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a single business with monopoly pwoer is often
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Business cycle
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A repeated series of "ups" of growth and "downs" of recession
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Monetary Policy
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Regulation of the monye supply by the federal reserve system
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Fiscal policy
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a government decisions about the amount of money it spends and the amount it collects in taxes
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Inflation
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is a general rise in the price lever of goods and services
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gross domestic product
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GDP is the total dollar value of all final goods and servies produced within the country in a year
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Federal budget
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is the governmnets plan for how it will raise and spend money
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Deficit
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is the amount in a year by whitch government spending is greater than government income
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Surplus
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is the amount in a yeat by whitch govenment income is greater that govenment spending
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National debt
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the total amount of money the govenment owes to lenders
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