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20 Cards in this Set
- Front
- Back
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the policy that describes the impact of the federal budget on the economy; determined by Congress and President
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fiscal policy
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an economic system in which individuals and corporations are owners and sell for profits
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capitalism
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a policy designed to ensure competition and prevent monopoly
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antitrust policy
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the theory emphasizing that government spending and deficits can help the economy endure ups and downs
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Keynesian economic theory
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the percentage of Americans looking for work but can't get one
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unemployment rate
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businesses with holdings in many countries
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transnational corporations
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Reagan's economic theory stating that, because too much income goes to taxes, there is little that goes to purchases
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supply-side economics
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the rise in prices for consumer goods
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inflation
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the federal agency formed in 1931; it is assigned the task of approving all food products and drugs sold in the US
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Food & Drug Administration
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gives the President power to halt major strikes; also permitted states to forbid requirements that forced workers to join a union
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Taft-Hartley Act
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the main agency for making monetary policy; it was created by Congress in 1913 to regulate the lending practices of banks
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Federal Reserve System
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measures the change in the cost of buying goods and services; the key measure of inflation relating the rise in prices over time
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consumer price index (CPI)
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the principle that government should not meddle in the economy
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laissez-faire
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independent regulatory agency responsible for regulating false trade practices and defending consumer interests
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Federal Trade Commission (FTC)
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a system in which the government is still involved in economic decisions
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mixed economy
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permitted states to forbid requirements stating that workers must join a union to hold their jobs
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right-to-work laws
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"Wagner Act"; guarantees workers the right of collective bargaining; sets rules to protect unions and organizers
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National Labor Relations Act
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an economic theory holding that the supply of money is the key to a nation's economic health
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monetarism
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the manipulation of the supply of money in private hands by which the government can control the economy
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monetary policy
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the right to have labor union representatives negotiate with management to determine working condition
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collective bargaining
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