Unit 6 Vocab Words- Civics And Economics
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | goods that, when consumed by an individual cannot be consumed by another
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| 2. Public Good | show 🗑
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| show | the cost or benefit that affects a party who did not choose to incur that cost or benefit.
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| show | complete control of the entire supply of goods or of a service in a certain area or market.
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| show | are statutes developed by the U.S. Government to protect consumers from predatory business practices by ensuring that fair competition exists in an open-market economy.
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| show | a combination of two things, especially companies, into one.
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| show | monopoly in an industry in which it is most efficient (involving the lowest long-run average cost) for production to be permanently concentrated in a single firm rather than contested competitively.
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| 8. Real GDP | show 🗑
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| show | a cycle or series of cycles of economic expansion and contraction.
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| show | by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy. It is the sister strategy to monetary policy through which a central bank influences a nation's money supply.
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| 11. Consumer Price Index | show 🗑
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| show | is the taxing mechanism in which the taxing authority charges more taxes as the income of the taxpayer increases. A higher tax is collected from the taxpayers who earn more and lower taxes from taxpayers earning less.
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| 13. Earned Income Tax Credit (EITC) | show 🗑
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| show | a national bank that provides financial and banking services for its country's government and commercial banking system, as well as implementing the government's monetary policy and issuing currency.
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| 2. Federal Open Market Committee (FOMC) | show 🗑
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| show | is one of the ways that the U.S. government attempts to control the economy. If the money supply grows too fast, the rate of inflation will increase; if the growth of the money supply is slowed too much, then economic growth may also slow.
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| show | the minimum interest rate set by the Federal Reserve for lending to other banks
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| 5. Reserve | show 🗑
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| show | are the principal tools of monetary policy. (The discount rate and reserve requirements are also used
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| 1. Mandatory Spending | show 🗑
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| 2. Discretionary Spending | show 🗑
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| 3. Appropriations Bill | show 🗑
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| show | Agency set up by two or more states to carry out projects and plans in common interest.
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| show | Program designed for the distribution or exercise of an absolute privilege or right to an economic benefit (such as old age pension, social security, unemployment stipend) granted by contract or law, automatically upon meeting the required qualification.
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| show | To provide an incentive to perform or not perform a specific action, such as the manufacture of a good. The incentive is provided in the form of a subsidy.
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| 7. Deficit | show 🗑
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| 8. Bond | show 🗑
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