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| economic system in which individuals and corporations, not the government, own the principal means of production and seek profits |
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| economic system in which the government is deeply involved in economic decisions through its role as regulator, consumer, subsidizer, taxer,employer, and borrower |
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| the key measure of inflation that relates the rise in prices over time |
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| According to James Madison and Karl Marx, _______ is the root of politics |
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| Key economic tasks belong to _______, according to the Constitution |
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| The more sophisticated the voter, the ____ likely he or she is to engage in "pocketbook voting." |
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| The unemployment rate leaves out "________ workers" |
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| principle that the government should not meddle in the economy |
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| manipulation of the supply of money in private hands by which government can control the economy |
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| theory that money supply is key to the nation's economic health |
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| created by Congress in 1913 to regulate the lending practices of banks and thus the money supply |
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| Since the _________ it has been a given that the government should be involved in economic matters. |
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| Monetarists suggest making growth in money supply correspond to growth in ______ |
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| The ___________ is the main agency for making monetary policy. |
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| The Federal Reserve Board is managed by the Board of Governors, which has _ members who are appointed for __ year terms. |
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| The Federal Open Market Committee (FOMC), a ________ body, meets _ times per year in Washington. The FOMC sets the "__________", the interest rate banks can charge each other for overnight loans. The Fed buys and sells government bonds from banks, affecting the _________ of loans banks can give. |
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Definition
| policymaking, 8, federal funds rate, interest rate |
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| the impact of the federal budget on the economy |
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| theory that government spending and deficits can help the economy weather its normal ups and downs |
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| Keynesian economic theory |
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| too much income goes to taxes and too little money is available for purchasing; the solution is to cut taxes |
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| _________ became the dominate economic theory in America after 1936 |
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| What is the goal of Keynsianism? |
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| getting money in consumer's pockets |
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| says that politicians try to manipulate the economy for short-run advantage to win elections |
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| The budgetary process is dominated by "__________" |
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| uncontrollable expenditures |
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| Businesses and consumers affect the economy ________ than the government |
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| The federal government spends more than __% of the GDP |
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| businesses with vast holdings in many countries |
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| multinational corporations |
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| a policy designed to ensure competition and prevent monopoly |
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| Securities and Exchange Commission |
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| _______ interests outnumber all other interest groups. |
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| The __________ of 1890 was the first antitrust law |
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| concentration of influential wealth |
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| provided tougher penalties for tax fraud and created the Accounting Oversight Board |
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| collects data on products and markets, helps business export wares, and protects inventions through the Patent Office. |
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| government's counselor, advisor, and loan maker to small businesses |
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| Small Business Administration |
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| approves all food and drugs in the United States |
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| Food and Drug Administration |
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| (1935) guarantees the right of collective bargaining, protects unions, created the National Labor Relations Board |
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Definition
| National Labor Relations Act |
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| (1947) gave the president power to halt major strikes with court injunctions |
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| The first major consumer protection policy was the _________ of 1906 |
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| created the Consumer Product Safety Commission in 1972 |
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| bans hazardous products from the market |
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| Consumer Product Safety Commission |
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| exempted unions from antitrust laws in 1914 |
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| No issue of economic policy more sharply divides the parties than ________ |
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| Almost __ of the world GDP is based on exports. |
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