Economic Policy STUDY STACKS

Economic Policy
Refers to the actions that a government may take to alter the economy of a city, state, or nation.
Federal Reserve
The central bank of the United States.
Mixed Economy
Economy in which there are elements of both public and private enterprise.
Securities and Exchange Commission (SEC)
Primary federal regulatory agency for the securities industry, whose responsibility is to promote full disclosure and to protect investors against fraudulent and manipulative practices in the securities market.
Minimum Wage
Lowest rate of pay allowed by law or contract, either in general or for a specific type of work
Unemployment
Economic condition marked by the fact that individuals actively seeking jobs remain not hired.
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Inflation
Overall general price upward price movement of goods and services in a economy cause by a increase in the supply of money.
Office of Management and Budget (OMB)
Agency of federal government that evaluates, formulates, and coordinates management procedures and program objectives within and among departments and agencies of the Executive Branch.
Monetary Policy
Process by which the monetary authority of a country controls the supply of money.
Fiscal Policy
Use of government revenue collection (taxation) and expenditures(spending) to influence the economy.
Discretionary Spending
Consists of United States government expenditures that are set on yearly basis.
Non-Discretionary Spending
Not subject or influence by government’s discretion, judgment, or preference.
National Debt
Total amount of money owed by a nation’s central government as a result of borrowing.
Deficit
Amount by which expenditure exceed income or budget.
World Trade Organization (WTO)
International agency which encourages trade between member nations.
Antitrust Policy
Designed to affect competition. The general goal behind such a policy is to keep markets open and competitive. These regulations are used by different governments around the world, although the laws often vary.
Monetarism
Theory that inflation and other economic variations are caused by changes in the money supply
Keynesianism
Economic theory of total spending in the economy and its effects on output and inflation.
Supply-side economics
One stimulation of economic growth by encouraging greater production of goods and services.This removes the issue of demand from the economic task, proponents of this approach will use the extension of incentives to stimulate interest or demand for the goods and services produced.
Planning (in your book)
Process by which key economic decisions are made or influenced by central governments.