A French term meaning "to allow to do, to leave alone." Refers to a hands off governmental policy.
What is laissez-faire
100
A rise in the general price levels of an economy
What is inflation
100
A short-term decline in the economy that occurs as investment sags, production falls, off, and unemployment increases
What is recession
100
Main purpose of ____ is to fund government programs.
What is the budget?
100
Committed to tax revenues as the means of funding government programs. (R or D)
What are Democrats?
200
A situation in which there is economic growth, rising national income, high employment, and steadiness n the general level of prices.
What is economic stability
200
Fluctuations between expansion and recession that are a part of modern capitalist economies.
What are business cycles?
200
The rate of interest at which member banks can borrow money from their regional Federal Reserve Bank.
What is discount rate?
200
Most of the US budget goes to _______
What are Human Resources?
200
Steadfast supporters of tax cuts. (R or D)
What are Republicans?
300
A reduction in market controls (like price fixing or subsidies) in favor of market-based competition
What is deregulation
300
In the Federal Reserve System, a 7 member board that sets member banks' reserve requirements, controls the discount rate, and makes other economic decisions.
What is the Board of Governors
300
The total market value of all goods and services produced in a country during a year.
What is Gross Domestic Produce (GDP)?
300
Most of the US budget comes from ______
What are individual income taxes?
300
Deliberate decisions by the President and Congress to run budget surpluses or deficits.
What is discretionary fiscal policy?
400
Government regulation of business practices, industry rates, routes, or areas serviced by particular industries.
What is economic regulation?
400
Government regulation of the quality and safety of products as well as the conditions under which goods and services are produced.
What is social regulation?
400
Governmental intervention to set up barriers to international trade, such as tariffs on imports, in order to protect domestic industry from foreign competition.
What is Protectionism?
400
This authorizes agencies to continue operating on the basis of the previous year's appropriation until approval of their new budget.
What is a continuing resolution?
400
Growth of the free trade to an international scale.
What is globalization?
500
Alternative to the laissez-fiare state; the government takes an active role in guiding and managing the private economy.
What is an interventionist state?
500
Federal government policies on taxes, spending, and debt management.
What is fiscal policy?
500
The buying and selling of government securities by the Federal Reserve Bank in the securities market.
What is Open Market Operations?
500
October 1st.
What is the start of the fiscal year?
500
____ are the strongest critics of free trade because they believe that free trade with nations like China means that US workers must compete against workers that will agree to be paid less.