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| An economic system in which individuals and corporations, not the government, own the principal means of production and seek profit. |
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| An economic system where the government is deeply involved in economic decisions through its role as regulator, comsumer, subsidizer, taxer, employer, and borrower. |
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| Multinational Corporations |
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| Businesses with vast holdings in many countries, many of which have annual budgets exceeding that of many foreign governments |
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| Securities and Exchange Commission |
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| The federal agency created during the New Deal that regulates stock fraud |
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| The legal minimum hourly wage a working can earn. |
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| An organization of worker intended to engage in collective bargaining. |
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| Negotiations between representatives of labor unions and management to determine pay and acceptable working conditions. |
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| Measured by the Bureau of Labor Statistics, the proportion of the labor force that is activly seeking work but unable to find jobs. |
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| The rise in prices for consumer goods |
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| the key measure of inflation that relates the rise in prices over time. |
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| The principle that government should not meddle in the economy. |
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| The manipulation of the supply of money in private hands by which the government can control the economy. |
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| Created by congress in 1913 to regulate the lending practices of banks and thus the money supply and is the main instrument for making monetary policy in the United States. |
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| The policy that describes the impact of the federal budget - taxes, spending, and borrowing - ont he economy. It isalmost entirely determined by Congress and the president, who are the budget makers. |
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| Keynesian Economic Theory |
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Definition
| The theory that emphasizes that government spending and deficits can help the economy weather its normal ups and downs. Proponents of this theory advocate using the power of government to stimulate the economy when it is lagging. |
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| An economic theory advocated by President Reagan holding that too much income goes to taxes so that too little money is available for purchasing and that the solution is to cut taxes and return puchasing power to consumers. |
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| Economic policy of shielding an economy from imports |
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| The international organization that regulates international trade |
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| A policy designed to ensure competition and prevent monopoly, which is the control of a market by one company. |
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| Food and Drug Administration |
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Definition
| The federal agency formed in 1913 assigned the task of approving all food products and drug sold in the United States. All drugs, with tthe exception of tobacco, must have this administrations authorization in order to be sold. |
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| National Labor Relations Act |
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| A 1935 law (aka the Wagner Act) that guarantees workers the right of collective bargaining, sets down rules to protect unions, and organizers, and created the National Labor, Relations Board to regulate labor-management relations. |
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Definition
| An economic theory stating that the supply of monney is the key to a nation's economic health. - too much cash and credit in circulation produces inflation. |
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