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UNIT 4 & 5 REVIEW GAME Personal Finance & Review 1 2 3 4 5 Business Cycle 1 2 3 4 5 Personal Finance 1 2 3 4 5 Economic Indicators 1 2 3 4 5 Federal Reserve 1 2 3 4 5 Association of workers organized to improve wages and working conditions for its members. Labor Union When a neutral person steps in and tries to get both sides to reach an agreement. mediation A movement to educate buyers about the purchases they make and to demand better and safer products. consumerism Using $ to earn $ later. Investment What is a CD? Certificate of deposit Portion of the business cycle when millions are out of work, many businesses fail, and the economy operates at far below capacity. depression Portion of the business cycle un which economic activity slowly increases. expansion Portion of the business cycle when economic activity is slowing down. contraction When economic activity declines for a period of 6 months or more. recession When the business cycle has reached its highest point and contraction is about to occur. Peak or boom A portion of a corporation is sold in units called… shares What is credit? Borrowing money to pay for something now, promise to pay back later A record of what you earn & spend. budget Money left over after paying taxes Disposable income Money left over after paying for necessities. Discretionary income Contraction or Expansion If delayed deliveries are increasing, the economy in a period of… expansion Contraction or Expansion If the money supply is decreasing, the economy is a period of… contraction Contraction or Expansion If economists are worried about inflation, the economy is in a period of… expansion Economic indicators that gauge whether consumers feel good about the economy. Consumer confidence The total retail value of all goods and services produced in a nation in a given year. GDP – Gross domestic Product Increase or Decrease If the Federal Reserve lowers the reserve requirement, what effect will this have on the money supply? Increase Increase or Decrease If the Federal Reserve lowers the discount rate, what effect will this have on the money supply? Increase Increase or Decrease If the Federal Reserve sells securities on the open market, what effect will this have on the money supply? Decrease Inflation or Recession If the Federal Reserve buys securities on the open market, what economic problem are they trying to solve? Recession Inflation or Recession If the Federal Reserve raises the discount rate, what economic problem are they trying to solve? Inflation