A
Allows central banks to achieve price stability and help maintain economic fluctuations; determines the size and rate of growth of the money supply
Monetary Policy
(National Labor Relations Act) gives workers the right to organize a union and bargain with management
Wagner Act of 1935
Organizations formed to represent workers and prevent unfair labor practices; members are typically employees of the same type of occupation or industry
Labor Unions
Laws that are written by the legislative branch
Statutory Law
More money made, the higher percentage of taxes will need to be paid
Graduated Tax
Percentage of total income deducted from a paycheck; graduated tax
Personal Income Tax
Removal or relaxation of the rules affecting businesses within certain industries
Deregulation
Allows employees the right to work for a company whether or not they decide to join the union
Right-to-Work Laws
Employees work together to make a difference in the workplace
Unionization
Employees come together to demand a change in the workplace
Organized Labor
Is the U.S. court system
Judicial Branch
Federal taxes paid on corporate profits; also imposed by state, local and foreign governments
Corporate Income Taxes
Created to protect the natural environment in which we live; stresses clean air, land and water; creates laws to prevent businesses from harming the environment
Environmental Protection Agency
Government sets strict rules affecting businesses within certain industries
Regulation
Practice requiring businesses to hire only union members
Closed Shop
When union representatives and management come together to discuss issues arising between employees and employers; union workers strike when an agreement cannot be reached
Collective Bargaining
Offers value to customers through products and services
Business
Includes the two houses of Congress
Legislative Branch
Paid by businesses on land, structures and other property they own
Property Taxes
Provides low-cost loans, advice and other assistance to small businesses
Small Business Administration
Promotes fair competition; prevents false/deceptive advertising
Federal Trade Commission
Labor unions forcing companies to hire unnecessary workers
Featherbedding
Dispute resolution between an employer and employee which addresses the complaints of the employee on collectively bargained agreements
Grievance Procedure
Based on precedents established by judges decisions
Common Law
Branch of the government which is headed by the U.S. President
Executive Branch
Added to the price of goods and services at the time of purchase
Sales Taxes
High startup costs or other obstacles which may prevent new competitors from entering an area of business
Entry Barriers
Established the Federal Trade Commission
Federal Trade Commission Act 1915
Legalized right-to-work laws and stopped featherbedding and closed shop practices
Taft-Hartley Act of 1947
Method of settling a labor-management disagreement with the assistance of an impartial third party
Grievance Arbitration
Rules, regulations and interpretations of statutory law set forth by administrative agencies and commissions; enforced on corporations by administrative agencies
Administrative Law
“Import taxes”; fees imposed on goods brought into the country; designed to protect U.S. businesses against foreign competition; raise the price of imports to a level comparable to the price of domestic merchandise
Customs Duties
Designed to control potentially harmful practices; are automatically included in the price; produce income which must be used for a purpose related to a tax
Excise Taxes
Passed to amend and clarify the Sherman Antitrust Act
Clayton Antitrust Act of 1914
Allows the government to break up companies with control of a market; prevents monopolies
Sherman Antitrust Act of 1890