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Related Flashcards
Related Topics
Cards In This Set
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Capitalism
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Economic system where individuals and corporations, not gov't., own the principal means of production and seek profits
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Mixed economy
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Economic system where gov't. is deeply involved in economic decisions through its role as regulator, consumer, subsidizer, taxer, employer, and borrower.
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Multinational corporations
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Businesses with vast holdings in many countries
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Securities and Exchange Commission (SEC)
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Fed. agency created during New Deak; regulates stock marget.
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Minimum wage
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Legal minimum hourly wage for large employers
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Labor union
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Organization of workers intended to collectively bargain
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Collective bargaining
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Negotiations b/t reps of labor unions and management to determine pay and working conditions
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Unemployment rate
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Proportion of labor force seeking work but unable to find jobs
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Inflation
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Rise in prices for consumer goods
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Consumer price index
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Key measure of inflation relates rise in prices over time
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Laissez-faire
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Principle that gov't shouldn't meddle in economy
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Monetary policy
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Manipulation of money supply in private hands so gov't. can control economy
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Monetarism
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Economic theory- supply of money is key to nation's economic health (too much cash/credit= inflation)
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Federal Reserve System
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Main monetary policy makers. Created in 1913 to regulate lending practices of banks.
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