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Economic Vocabulary
Part 3
BUSINESS CYCLE-economic patterns in which a free market economy goes
through periods of prosperity and depression
THE NEW DEAL –economic programs and policies introduced in the 1930s by
President Franklin D. Roosevelt to promote economic recovery
FEDERAL RESERVE SYSTEM-the U.S. banking system that handles the
banking needs of the federal government and regulates the money supply
RESERVE REQUIREMENT-the amount of money banks must have on hand
PROGRESSIVE TAXES-a tax that takes a larger percentage of income from
high-income groups that from low-income groups
COMPETITION-the economic rivalry among businesses selling products
GOVERNMENT SECURITIES-negotiable treasury bonds issued by the
REGRESSIVE TAXES-a tax that takes a larger percentage of income from
low-income groups than from high-income groups
MONETARY POLICY-a government’s policy of regulating the amount of
money in the economy
FISCAL POLICY-a government’s policy of taxation and spending
GROSS DOMESTIC PRODUCT-(GDP)-the value of all goods and services
produced in a country each year
RECESSION-a period of the business cycle marked by low economic activity,
reduced profits, and rising unemployment
INFLATION-a general rise in the prices throughout the economy
DEPRESSION-a severe recession lasting more than a year
16TH AMENDMENT-established Federal income tax
MONEY SUPPLY-amount of money in the economy, usually that used to
purchase goods and services, cash and checking accounts
PRIVATE PROPERTY-property owned by individuals, primarily homes or
DEMAND DEPOSITS-a bank deposit that can be withdrawn without advance
notice, most notably checking accounts
PRODUCTION-the manufacture of goods and services
INCENTIVES-something to induce or motivate
STANDARD OF LIVING-A level of material comfort, as measured by the
goods, services and luxuries available to an individual, group, or nation.
ECONOMIC INDICATORS-a variable such as the unemployment rate or
volume of help-wanted advertising that indicates the direction of the
CONSUMPTION-the using up of goods and services having an exchangeable
DISCOUNT RATE-The interest rate charged by the Federal Reserve Bank
on loans to its member banks