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Economic Policy
| Term | Definition |
|---|---|
| Economic Policy | Actions taken in the economic field. Covers systems for setting levels of taxation, government budgets, the money supply and interest rates as well as the labor market, national ownership, and many other areas of government interventions into the economy. |
| Federal Reserve | The main instrument for making monetary policy in the US. Created by Congress in 1913 to regulate the lending practices of banks and thus the money supply. |
| Mixed Economy | An economic system in which the government is deeply involved in economic decisions (as through its roles as regulato, consumer, subsidizer, taxer, employer, and borrower). |
| Securities and Exchange Commission (SEC) | The federal agency created during the New Deal that regulates the stock market |
| Minimum Wage | The legal minimum hourly wage to which most workers are entitled. |
| Unemployment | The unemployment rate is a measurement by the Bureau of LAbor Statistics of the proportion of the labor force Actively Seeking work but unable to find jobs |
| Inflation | A rise in the price of goods and services |
| Office of Management and Budget (OMB) | Federal executive agency that provides recommendations to the President of the United States regarding budgetary matters and prepares the budget for review by Congress. |
| Monetary Policy | Government manipulation of hte supply of money in private hands-one of two important tools by which the governmetn can attempt to steer the economy. |
| Fiscal Policy | Use of the federal budget-taxes, spending, and borrowing-to influence the economy; along with monetary policy. Almost entirely determined by Congress and the President. |
| Discretionary Spending | Stems from annual appropriation acts, which are under the control of the House and Senate Appropriations Commitees. Discretionary means that the changes are at the option of the federal government. |
| Non-Discresionary Spending | Spending that is required by a budget, contract, or other commitment. A non-discretionary law is one that is enforced absolutely, and not at the discretion of authorities. |
| National Debt | the total amount of money that a country's government has borrowed. |
| Deficit | Indicator of financial health in which expenditures exceed revenue. The amount by which a sum of money, is too small. |
| World Trade Organization | International organization that promotes free trade |
| Antitrust Policy | Policy designed to ensure competiton and prevent monopoly |
| Monetarism | the theory or practice of controlling the supply of money as the chief method of stabilizing the economy. |
| Keynesianism | The theory emphasizing that government spending and deficites can help the economy deal with its ups and downs. Proponents of this theory advocate using the power of governmet to stimulate the economy when it's lagging (Democrats). |
| Supply-side Economics | An economic theory, first applied during the Reagan administration, holding that the key task for fiscal policy is to stimulate the supply of good, as by cutting tax rates (Republicans). |
| Planning | The long term plans of an incumbent government to manage the economy. Economic planning is a common feature of big government and usually dictates increased spending and deficits to fund government programs and public works projects. |
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