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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 government 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PROPERTY-property owned by individuals, primarily homes or businesses DEMAND DEPOSITS-a bank deposit that can be withdrawn without advance notice, most notably checking accounts PRODUCTION-the manufacture of goods and services INCENTIVES-something to induce or motivate STANDARD OF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 economy CONSUMPTION-the using up of goods and services having an exchangeable value. DISCOUNT RATE-The interest rate charged by the Federal Reserve Bank on loans to its member banks