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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 prroperty, 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 several companies organized to benefit from the high prices they all agree to charge.
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Momopoly
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single business with monopoly power
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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 mony supply by the federal Reserve System.
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Fiscal policy
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a government's 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 level of goods and services
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gross domestic product GDP
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GDP is the total dollar value of all final goods and services produced within the country in a year
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federal bubget
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is the government's plan for how it will rais and spend money
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deficit
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is the amount in a year by which government spending is greater than
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surplus
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is the amont in a year by which government income is greater than government spending
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national debt
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the total amount of money the government owes to lenders
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