Problem with the banking system when reserves did not meet the needs for demand deposits.
What is a Bank Run or Panic?
200
Legal obligation to pay a debt.
What is a Liability?
200
Economic theory that demand will increase with tax cuts largely to the wealthy.
What is Supply Side Economics?
200
Tax that hits the poorest the hardest.
What is a Regressive Tax?
300
Human made product used to create goods or services.
What is Capital?
300
Our system of banking where a percentage of deposits are kept in the bank while the majority is loaned to others.
What is Fractional Reserve Banking?
300
Publicly owned corporation's payment of profit to share holders.
What is a Dividend?
300
Current head of the Federal Reserve
Who is Janet Yellen?
300
Troughs and peaks are used to explain these phases.
What is a Business Cycle?
400
This makes your labor more valuable.
What is Human Capital?
400
The ability to convert an asset into cash.
What is Liquidity?
400
Workers with advanced degrees and skills.
What is Professional Labor?
400
Scottish physiocrat who wrote The Wealth of Nations.
Who was Adam Smith?
400
Counting GDP by population.
What is Read GDP per Capita?
500
Using fewer resources than an economy is capable.
What is Under utilization?
500
Developed in 1913 to deal with the nation's banking problems?
What is the Federal Reserve?
500
Effort to curb demands of organized labor in 1947 and in effect in Florida.
What are "Right to Work" laws?
500
Economic advisor to Presidents Nixon and Reagan who was a monetarist and believed that the Fed's work to control the money supply would stabilize the economy.