A rise in the general price level (and decrease in dollar value) owing to an increase in volume of money and credit in relation to available goods
What is Inflation?
100
Government policy that attempts to manage the economy by controlling taxing and spending.
What is Fiscal Policy?
100
The system created to establish banking practices and regulate currency in circulation and the amount of credit available.
BONUS (100 pts): The nickname for this system.
What is The Federal Reserve System?
BONUS: What is The Fed?
100
A policy of erecting trade barriers to protect domestic industry.
What is Protectionism?
100
A policy promoting cutbacks in the amount of federal regulation in specific areas of economic activity.
What is Deregulation?
200
The value of all goods and services produced by an economy during a specific period of time such as a year.
What is Gross Domestic Product (GDP)?
200
The largest share of the federal government's tax revenue.
What are Individual Income Taxes?
200
The amount of interest banks charge for loans to each other.
What is the Federal Funds Rate?
200
An international organization derived from the General Agreement on Tariffs and Trade (GATT) that promotes free trade around the world.
What is the World Trade Organization (WTO)?
200
The industry that has undergone the most extensive deregulation.
What is the Transportation Industry?
300
This shows how much more or less consumers are paying for the same "basket of goods" over time
What is the Consumer Price Index (CPI)?
300
A tax that places higher taxes on individuals and families with higher incomes and tends to help individuals and families with lower incomes.
BONUS (100 pts): A tax that is collected equally for all families with different incomes.
What is Progressive Tax?
BONUS: What is Regressive Tax?
300
A theory opposing governmental interference in economic affairs beyond what is necessary to protect life and property.
What is Laissez-faire Economics
300
A trade practice where companies sell products below the cost of manufacturing or below domestic price with the intention of driving other products out of the market.
What is Dumping?
400
A simultaneous increase in inflation and unemployment
What is Stagflation?
400
The day the federal government's fiscal year begins.
What is October 1?
400
A theory stating that government spending should increase during slumps and curbed during booms.
What is Keynesian Economics?
400
The four important areas where federal regulations protect workers.
What is Public Contracts, Wages and Hours, Child Labor, and Industrial Safety and Occupational Health?
500
Expansion, Contraction, Recession, and Recovery
What are the Four Stages of the Business Cycle?
500
A tax on increased value of a product at each stage of production and distribution rather than just at the point of sale.
What is Value-Added Tax (VAT)?
500
An untested theory based on the notion that tax cuts increase the supply of money in the economy, which stimulates economic growth.
What is Supply-Side Economics?
500
A company with a labor agreement where union membership is a condition of employment. A company with a labor agreement where union membership is not required as a condition of employment.