Foreign Policy
This term refers to how a country deals with other countries.
What is foreign policy?
Economic policy in which many economic decisions are left to individuals and businesses with the federal government regulating economic activity.
What is a mixed economy?
Legal arrangements where one party holds assets for the benefit of another, often used to consolidate control and limit competition.
What is a trust?
The money left over when revenue exceeds spending.
What is a surplus?
A body of formal rules and norms considered binding among nations. It is one of the organized bases upon which nations interact with each other in the international system.
What is International Law?
An agreement between two or more countries is called this.
What is a treaty?
Exclusive control over a product or service by a company or other entity, eliminating competition.
What is a monopoly?
A government's decisions and actions to influence and regulate the economy.
What is economic policy?
The shortfall when spending exceeds the amount of money brought in.
What is a deficit?
The supreme authority and power of a nation or political entity to govern itself and make decisions independently, without external interference or control.
What is Sovereignty?
Congress passed a series of laws aimed at preventing the United States from becoming economically, politically, or militarily involved in another global conflict.
What are Neutrality Acts?
The "Father of Economics" & author of The Wealth of Nations (1776) which advocates for capitalism, free enterprise, and a laissez-faire approach to economics where the government allows the market to regulate itself.
Who is Adam Smith?
An economic concept in which a market operating under idealized conditions leads to a situation where no single consumer or producer has the power to influence the price of goods or services.
What is perfect competition?
A charge for borrowed money that is typically a percentage of the amount borrowed.
What is interest?
Taxes imposed on imported goods by governments
What is a tariff?
A policy of avoiding involvement in foreign conflicts is called this.
What is isolationism?
An economic and political system where the means of production, distribution, and exchange are collectively owned and controlled by the community as a whole, rather than by private individuals or corporations.
What is Socilaism?
Relating to legislation designed to prevent companies from monopolizing an industry, whether individually or by agreeing not to compete with each other.
The U.S. central bank, created by the Federal Reserve Act of 1913. The Fed is responsible for executing monetary policy and reaching monetary policy goals.
What is the Federal Reserve (FED)?
The increasing interconnectedness of people, businesses, and countries through the world.
What is globalization?
A country actively involves itself in the internal affairs of other nations, often through military, economic, or political means, with the goal of influencing or controlling the outcome of events in those countries.
What is Interventionism?
An economic system characterized by private ownership of the means of production and the operation for profit, which emphasizes competition with minimal government intervention in the economy.
What is Capitalism?
1890 legislation aimed at promoting fair competition and stopping monopolistic practices.
What is the Sherman Anti-Trust Act?
1913 legislation that created the Federal Reserve (FED) System to establish economic stability by introducing a central bank to oversee monetary policy, and also established the Fed's dual mandate for keeping employment high and keeping prices stable.
What is the Federal Reserve Act?
A policy that allows the unrestricted flow of goods and services between countries without the imposition of tariffs, quotas, or other trade barriers.
What is Free Trade?