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bond
answer
formal contract to repay borrowed money and interest on the borrowed money at regular future intervals
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cyclidcal unemployment
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unemployment directly related to swings in the business cycle
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Consumer Price Index (CPI)
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index used to measure price changes for a market basket of 364 frequently used consumer items
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discretionary spending
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spending for federal programs that must receive annual authorization
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final good
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any commodity which is produced and subsequently consumed by the consumer, to satisfy its current wants or needs
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fiscal policy
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the use of government spending and revenue collection to influence the economy
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frictional unemployment
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unemployment caused by workers changing jobs or waiting to go to new ones
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Gross Domestic Product (GDP)
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the total value of a nations output, income, or expenditure produced with in a nations physical borders
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Hyperinflation
answer
abnormal inflation in excess of 500 percent per year; last stage of monetary collapse
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inflation
answer
rise in the general level of prices
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monetary policy
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actions by the federal reserve system to expand or contract the money supply in order to affect the cost and availability of credit
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national debt
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the total amount of outstanding borrowing by the U.S. federal goverenment accumulated over the nations history
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national deficit
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when the federal goverenments spending exceeds its revnue
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open market operations
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monetary policy in the form of bond sales and purchases in the bond market
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progressive tax
answer
tax where percentage of income paid in tax rises as level of income rises
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proportional tax
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tax in which percentage of income paid in tax is the same regardless of the level of income
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regressive tax
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tax where percentage of income paid in tax goes down as income rises
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stagflation
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combination of stagnant economic growth and inflation
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structural employment
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unemployment caused by a fundamental change in the economy that reduces the demand for some workers
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unemployment rate
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ratio of unemployment individuals divided by total number of persons in the civilian labor force, expressed as a percentage.
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