Economics Flashcards
Expansion
Period of increased economic activity
Consumer price index
Measure of changes in the prices of consumer goods
Federal deposit insurance corporation (FDIC)
Guarantees the security of deposits in banks
Federal reserve board of governors
Group that oversees the central banking system of the U.S.
Federal trade commission (FTC)
Protects consumers by opposing anticompetitive business methods
Gift economy
A culture in which goods are given without an agreement for reciprocation
Heterodox economics
Economic schools of thought that are not mainstream
Market
System in which parties exchange with each other
Protectionism
Government regulating trade between countries to promote domestic trade
Old age, survivors, and disability insurance (oasdi)
Federal program; the original social security act and the current version encompass several social welfare and social insurance programs
Subsidy
Money paid by a government to a business or industry to help it or encourage specific behavior
Milton Friedman
American economist who won the nobel prize
John Maynard Keynes
British economist who contributed to modern macroeconomics
Paul krugman
American economist who won the Nobel memorial prize
Thomas Malthus
English political economist who theorized about population growth and decline
