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Anti-federalists
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Those who advocated the use of a Bill of Rights for the ratification of the US Constitution.
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arbitration
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A third party helps two people resolve their conflict by offering suggestions
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bank
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A business that holds liquid assets, such as money
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bartering
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Exchanging products or services with others by agreeing on their values without using money.
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bear market
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A steady drop in the stock market over a period of time
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bull market
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A period of increased stock trading and rising stock prices
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capital gains
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The positive difference between the purchase price of a stock and its sale price
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capital loss
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The difference between a lower selling price and a higher purchase price resulting in a financial loss for the seller
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collateral
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A security pledged for the repayment of a loan.
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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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commercial banks
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Privately owned financial institutions that accept demand deposits and make loans and provide other services for the public
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commodity
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A raw material or primary agricultural product that can be bought and sold, such as copper or coffee.
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communist manifesto
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This is the 1848 book written by Karl Marx and Friedrich Engels which urges an uprising by workers to seize control of the factors of production from the upper and middle classes.
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conglomerate
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A group of diverse companies under common ownership and run as a single organization.
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contractionary policy
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a fiscal policy used to reduce economic growth, often through decreased spending or higher taxes
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corporation
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A business owned by stockholders who share in its profits but are not personally responsible for its debts
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credit unions
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A financial institution owned by its members that provides savings and checking accounts and other services to its membership at low fees.
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deflation
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A contraction of economic activity resulting in a decline of prices
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demand side economics
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The idea that government spending and tax cuts help an economy by raising demand.
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disequilibrium
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describes any price or quantity not at equilibrium; when quantity supplied is not equal to quantity demanded in a market
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dividends
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Company's share profits to the shareholders based on the corporation's performance.
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Dow Jones/ S&P500
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Stock indeces/indexes
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equilibrium
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A situation in which the market price has reached the level at which quantity supplied equals quantity demanded
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expansionary policy
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An increase in government purchases of goods and services, a decrease in net taxes, or some combination of the two for the purpose of increasing aggregate demand and expanding real output
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Federal Reserve
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1913 - central banking system of the US - created by the Federal Reserve Act - quasi public system
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Federalists
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A term used to describe proponents of the Constitution during the debate over ratification.
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fiscal policy
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A government policy for dealing with the budget (especially with taxation and borrowing)
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government monopoly
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A monopoly created by the government.
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horizontal merger
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A combination of two firms that are in the same industry
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inflation
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A general and progressive increase in prices
A continuous rise in the price of goods and services
A continuous rise in the price of goods and services
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Karl Marx
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(1818-1883) Scientific socialist who coauthored "The Communist Manifesto". Believed that the history of class conflict is best understood through the dialectal process of thesis, antithesis, and synthesis. Contended that a class struggle between the bourgeoisie and the proletariat would lead "to the dictatorship of the proletariat" which in turn would be a transitional phase leading to a classless society.
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John Maynard Keynes
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British economist who argued that for a nation to recovery fully from a depression, the govt had to spend money to encourage investment and consumption
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labour union
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an organization of workers that acts to protect workers' rights and interests
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mediation
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A method of settling disputes outside of court by using the services of a neutral third party, called a mediator. The mediator acts as a communicating agent between the parties and suggests ways in which the parties can resolve their dispute.
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money
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Currency
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monopolistic corporation
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Their grip was threatened by both the Interstate Commerce Act of 1887 and the Sherman Anti-trust Act of 1890.
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monopoly
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A market in which there are many buyers but only one seller.
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multinational corporations
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An organization that manufactures and markets products in many different countries and has multinational stock ownership and multinational management
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NASDAQ
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American market for OTC securities
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natural monopoly
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A market that runs most efficiently when one large firm supplies all of the output
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New York Stock Exchange
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The largest stock exchange, located in New York City. Most of the companies on this exchange are larger companies with higher-priced stock.
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Oligopoly
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A degree of competition in which just a few sellers dominate the market
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partnership
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A business in which two or more persons combine their assets and skills
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price ceiling
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A legal maximum on the price at which a good can be sold
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price floor
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A legal minimum on the price at which a good can be sold
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professional labor
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labor that requires advanced skills and education
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Richmond Federal Reserve
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One of the 12 Federal Reserve districts, NC belongs to this one
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right-to-work
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a measure that bans mandatory union membership
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savings and loans
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Largest depository institution set up to provide home mortgages to borrowers.
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semi-skilled labor
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labor that requires minimal specialized skills and education
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shares
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Share of Stock
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Sherman Anti-Trust Act
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First federal action against monopolies, it was signed into law by Harrison and was extensively used by Theodore Roosevelt for trust-busting. However, it was initially misused against labor unions
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shortage
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A situation in which quantity demanded is greater than quantity supplied
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skilled labor
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labor that requires specialized skills and training
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sole proprietorship
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A business owned by one person
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stock split
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A division of shares of a company into a larger number of shares. (A 2 for 1 split allows a shareholder to double the number of shares but worth one half of their previous value).
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stockbrokers
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a broker that in addition to taking orders, also offers advice on investing.
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strike
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An organized work stoppage intended to force an employer to address union demands.
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supply side economics
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An economic philosophy that advocates both tax and budget cuts to increase incentives to produce in order to expand the total supply of the nation's goods and services.
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surplus
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A situation in which quantity supplied is greater than quantity demanded
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trickle down effect
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increased wealth for upper class means benefit for the lower class
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unskilled labor
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labor that requires no specialized skills,education, or training
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vertical merger
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the combination of two or more firms involved in different stages of producing the same good or service
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