Chapter 17 terms, with a few revisions and added terms
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| 54375595 | capitalism | An economic system in which individuals and corporations, not the government, own the principal means of production and seek profits | |
| 54375596 | mixed economy | An economic system in which the government is deeply involved in economic decisions through its role as regulator, consumer, subsidizer, taxer, employer, and borrower. | |
| 54375597 | multinational corporations | Businesses with vast holdings in many countries, many of which have annual budgets exceeding that of many foreign governments. | |
| 54375598 | Securities and Exchange Commission | The federal agency created during the New Deal that regulates stock fraud | |
| 54375599 | minimum wage | The legal minimum hourly wage for large employers | |
| 54375600 | labor union | An organization of workers intended to engage in collective bargaining | |
| 54375601 | collective bargaining | Negotiations between representatives of labor unions and management to determine pay and acceptable working conditions. | |
| 54375602 | unemployment rate | The proportion of the labor force actively seeking work but unable to find jobs, as measured by the Bureau of Labor Statistics | |
| 54375603 | inflation | The rise in prices for consumer goods | |
| 54375604 | Consumer Price Index | The key measure of inflation that relates the rise in prices over time | |
| 54375605 | laissez-faire | The principle that government should not meddle in the economy | |
| 54375606 | monetary policy | The manipulation of the supply of money in private hands by which the government can control the economy | |
| 54375607 | monetarism | An economic theory holding that the supply of money is the key to a nation's economic health. Supporters of this theory believe that too much cash and credit in circulation produces inflation | |
| 54375608 | Federal Reserve System | The main instrument for making monetary policy in the United States. It was created by Congress in 1913 to regulate the lending practices of banks and thus the money supply | |
| 54375609 | fiscal policy | The policy that describes the impact of the federal budget - taxes, spending, and borrowing - on the economy. It is almost entirely determined by Congress and the president, who are the budget makers | |
| 54375610 | Keynesian Economic Theory | The theory emphasizing 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 | |
| 54375611 | supply-side economics | An economic theory advocated by President Reagan holding that too much income goes to taxes sot that too little money is available for purchasing and that the solution is to cut taxes and return purchasing back to consumers | |
| 54375612 | protectionism | Economic policy of shielding an economy from imports | |
| 54375613 | World Trade Organization | International Organization that regulates international trade | |
| 54375614 | antitrust policy | A policy designed to ensure competition and prevent monopoly, which is the control of a market by one company | |
| 54375615 | Food and Drug Administration | The federal agency formed in 1913 and assigned the task of approving all food products and drugs sold in the United States. All drugs, with the exception of tobacco, must have FDA authorization | |
| 54375616 | National Labor Relations Act | A 1935 law, also known as 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-managment relations | |
| 54375617 | Sherman Act | The first antitrust act, created in 1980 | |
| 54375618 | Taft-Hartley Act | The act created in 1947 that continued to guarantee unions the right of collective bargaining, but prohibited various unfair practices by unions as well. It also gave the president power to halt major strikes by seeking a court injunction for an 80-day "cooling off" period. Most importantly, it permitted states to adopt right-to-work laws | |
| 54375619 | right-to-work laws | Laws that allow workers to enjoy the benefits of union negotiations without contributing dues to support the union | |
| 54383879 | Federal Trade Commission | A government agency established in 1914 to prevent unfair business practices and help maintain a competitive economy |
