Laws
Law to prevent new monopolies from forming and to break up those that already exist.
What is antitrust legislation
An idealized system with no need for government.
What is communism?
Deliberate work stoppages by the workers.
What is a strike?
An interest earning account that has no set maturity.
What is a savings account?
How People in the market place decide what to buy and for What price.
What is demand?
Restricts the amount of interest that can be charged for credit.
What is Usury law?
An economic system in which there is little private property and the state owns virtually all the means of production.
What is socialism?
Made up of skilled workers in a specific trade or industry.
What is a craft Union?
Account that pays relatively high interest and allows you immediate access to your money through checks.
What is a money market account?
What the people who want to to sell good and services decide to sell and at what price.
What is Supply?
Act passed in 1968 that Greatly expanded the governments role in protecting consumers.
What is The Truth in Lending Act?
A system in which the government lets people and businesses make their own economic decisions without government interference.
What is laissez-faire Capitalism?
Made up of all workers in an industry regardless of job or skill.
What is an industrial union?
Refers to a wide variety of savings plans that require a variety of savings plans that require a saver to deposit their funds for a certain period of time.
What is a time deposit?
Represents the freely chosen actions between buyers and sellers of goods and services.
What is the market?
Lowest hourly wage an employer can pay their workers.
What are Minimum Wage Laws
Supporters advocate for revolution as the means to overthrow capitalism and bring about their systems goals.
What is Authoritarian socialism?
Companies that can only hire union members.
What is a closed shop?
Period of time it takes for a time deposit to reach maturity.
What is maturity?
Buyer and seller working exercises their economic freedoms by working towards satisfactory terms of an exchange of goods and services.
What is voluntary exchange?
Forbids union shops.
What are right to work laws?
System described in Adam Smiths book An Inquiry into the Case of the Wealth of Nations, guided by an "invisible hand" to make people use resources efficiently and thus archive maximum good for the society.
What is Capitalism?
Employs are not required to join the union, but they must pay union dues.
What is an agency shop?
Time deposits are often called this.
What are certificates of deposit?
Explains how people react to changing terms and prices in terms of the quantities demanded of a good or service.
What is the law of demand?