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Mr. Feinblatt's Economics Test
The Third Test of Mr's Feinblatts Economics Class.
45
Economics
11th Grade
10/31/2006

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Term
Pension
Definition
A regular allowance inteded to provide income security to someone who has worked a certain number of years, reached a certain age, or suffered a certain kind of injury.
Term
Reserve Requirement
Definition
The formula used to compute the amount of reserves an instution must have. The Fed may change this requirement as it sees fit.
Term
Greenbacks
Definition
Distinguished because it was printed with green ink back and front, ir was used as a legal tender, substituting silver and gold as payment.
Term
Entitlements
Definition
Brod social programs that are designed to provide minimum health, nutritional, and income levels for eligible individuals.
Term
Giveback
Definition
A wage, fringe benefit, or work rule given up when labor contracts are renegotiated.
Term
Certificate of Deposit
Definition
A reciept showing that an investor has made an interest-bearing loan to a bank.
Term
Comparable Worth
Definition
A method used to close the income gap between men and woman, it says that people should receive equal pay for work that is different from, but just as demanding as, other types of work.
Term
Regressive Tax
Definition
A tax that imposes a higher percentage of tax on those with low income than on those with high income.
Term
Medicare
Definition
It is a federal health-care program available to all senior citizens, regardless of their income.
Term
Excess Reserves
Definition
The cash and currency not needed to fulfill the reserve requirement.
Term
Picket
Definition
Otherwise known as a picket line, it's when the striking workers parade in front of the business, carrying signs about the dispute.
Term
Strike
Definition
Refusal to work until certain demands are met.
Term
Boycott
Definition
A mass refusal to buy products from targeted employers or companies.
Term
Lockout
Definition
A refusal to let the employees work until the employer's demands are met.
Term
Arbitration
Definition
When both sides agree to present the problem to a third party to settle the dispute.
Term
Collective Bargaining
Definition
It requires a representative of the workers and of the employer to meet and compromise from both sides.
Term
Seizure
Definition
It is a temporary takeover of operations of the company. This way, the government can negotiate with the union itself.
Term
Macroeconomics
Definition
The study of economics that deals with the economy as a whole, and with the behavior and decision making by large units, such as labor unions and governments.
Term
Equity
Definition
Stocks that represent ownership shares in corporations.
Term
Value Added Tax (VAT)
Definition
A tax that is placed on the value that manufacturers add at each stage of production. It is similar to a national sales tax, and it has the potential to raise enormous amounts of revenues for the federal government.
Term
Individual Income Tax
Definition
The tax on people's earning, it is the 16th Amendment and the major source for government revenues.
Term
Luxury Taxes
Definition
Taxes on excess things, items of luxury.
Term
User's Fee
Definition
Charges levied for the use of a good or a service.
Term
Sales Tax
Definition
A general tax put on consumer purchases of almost all products.
Term
Budget
Definition
The total sum of money set aside or needed for a purpose
Term
Social Security
Definition
A federal program of disability and retirement benefits that covers most working people.
Term
Shillings
Definition
1 English shilling = 12 English pennies
Term
Talers
Definition
The Austrian taler looked like pesos. Eventually this became the basis of our dollar, which sounds somewhat alike.
Term
Dollars
Definition
The standard unit of currency in America, the name derived from the Austrian taler.
Term
Par Value
Definition
The dollar value that that is assigned to the bond.
Term
Proportional Taxes
Definition
A tax that imposes the same percentage rate of taxation on everyone, regardless of income.
Term
Progressive Taxes
Definition
A tax that imposes a higher percentage rate on people with a high income than one with a low income.
Term
Marginal Tax Rate
Definition
The tax rate that applies to the next dollar of taxable income.
Term
Federal Deposit Insurance Corporation (FDIC)
Definition
It was created to insure customer deposits in the event of a bank failiure.
Term
Federal Savings and Loan Insurance Company (FSLIC)
Definition
Similar to the FDIC, it insures Save and Loan Deposits.
Term
Federal Reserve System
Definition
The nations first true central bank that can lend money to other banks in times of need. It contains all the national banks and alsome so state-chartered banks as well.
Term
Demand Deposits
Definition
It is a process of money lending that may end up with more money than it actually is.
Term
Tight Money Policy
Definition
A policy in which the Fed restricts the growth of the money supply, which drives the interest rate up. This would result for businesses to borrow and spend less, thusly slowing down economic growth.
Term
Prime Rate
Definition
The best or lowest interest rate commercial bankers charge their customers.
Term
Capital
Definition
The tools, equipment, and factories used in the production of goods and services.
Term
Principal
Definition
The amount borrowed.
Term
Coupon
Definition
The stated interest on the debt.
Term
Over-the-Counter
Definition
An electronic marketplace for securities that are not listed or traded on an organized exchange.
Term
Option Market
Definition
Markets in which options are traded. Most of the exchanges that offer futures also sell options.
Term
Capital Market
Definition
A market where money is loaned for periods of more than one year. Things such as long-term CDs and corporate and government bonds that have more than a year to mature are part of the capital market.
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