goal 9, grade 10, civics and economics – Flashcards
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business cycle
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The predictable long-term pattern changes in the national economy
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Four stages of the business cycle
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Expansion, Prosperity, contraction, and recession
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Peak
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Periods of high prosperity.
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Contraction
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A decline in economic activity that can lead to recession
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Recession
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two consecutive quarters of declining output, decline in economic activity
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Trough
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The change in recession to a recovery
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depression
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A deeper and longer recession
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GDP
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Measures activity in the economy
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CPI
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It measures the average change in prices for such items as housing and food for an average urban consumer
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per capita GDP
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The value of what a person produces in a year
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standard of living
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measures prosperity and wealth, well-being.
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Patriot Act
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Used to deter or punish terrorism against the US
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department of homeland security
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Is charged with protecting american from terrorism
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national debt
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Total amount a country has borrowed plus interest on that debt
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outsorcing
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another company, often overseas, manages part of their operations.
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downsizing
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when a business cuts down on their workforce, and materials
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Environmental protection
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(EPA), monitors pollution levels
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Consumer Protection
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Warning or labels, for the protection of the consumer (Ex. cups of coffee or cigarettes)
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Labor Disputes
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lockouts, or strikes
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affirmative action
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Programs that consider membership in a group when distributing social oppurtunities
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Deregulation
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remoces gov. rules from businesses and the economy to create a freer marketplace
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Migration
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A population shift (within the same country)
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Immagration
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Moving to another country (Mexico to America)
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International trade
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Which is the exchange of services and goods between different nations
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comparitive advantage
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governs international trade
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Favorable balance of trade
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exports more than it imports
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unfavorable trade
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imports more than it exports
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Protective tariff
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guards domestic businesses from foreign competiton
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exchange rate
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is the price at which one currency can be exchanged for another
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European Union
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A confederation of 25 European countries
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Treay
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A contract beinding 2 or more states under international law
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NAFTA
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a trade treaty among the US, Canada, and Mexico
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WTO
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Deals with the rules and practice of trade among nations
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International Monetary Fund
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Monitors the global financial system through foreign exchange rates and balances of trade
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World Bank
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aka international bank fo rreconstruction and development
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Multinational Conglomerate
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A large international company
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Developed Country
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A relatively high standard of living
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Developing Country
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country that does not have adequate infrastructure, has low average income, and has low human capital
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Free trade
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Unhindered flow of goods and services between countries
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Foreign aid
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Giving resources to other countries
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Child labor
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Using children for labor
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Human Rights
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all people have these rights because they are human being
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United Nations
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An international organization dedicated to world peace
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Monetary Policy
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concerns how available money is for loans, investment, and spending
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Fiscal Policy
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Determines how gov. spends and raises its money
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Loose Money
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getting money is relatively easy
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Tight Money
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Used to stop raising inflation rates by discouraging investors from borrowing since they are less likely to borrow when interest rates are higher
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Open Marker Operations
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the chief means by which the Federal Reserce controls the availability of money
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Reserve Requirment
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the amount of money a bank must have on hand
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Interest Rates
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the price paid for the use of money for a period of time
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Discount rate
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the interest rate that an eligible depository instituion is charged to borrow short term funds directly fromt the Federal Reserve
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Taxation
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involuntary fee paid by businesses or individuals
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Regressive tax
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The greater ones' earnings the smaller the proportion paid in tax
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Progressive
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Increases with income
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Proportional tax
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Flat tax, taxes all members of a group at the same rate
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Scarcity
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an inevitable ecomomic condition, limited resources never fullfill the unlimited needs of the people
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Inflation
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prices go up
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Bear Market
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A phase in the life of a stock market or other financial market which the value of most listed shares of stock or other financial instruments falls consistently
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Bull Market
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A financial market in which proces of assets such as stocks rise
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NIMBY
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Not in my backyard, movement of local residents
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opec
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Oil Emargo 1973
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Zoning
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A system of regulationg land use by designationg how land can be used based on mapped zones
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Building codes
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A set of regulations to make sure building are safe to use
