Vocabulary Flashcards
1
Q
Financial failure caused by an inability to pay one’s debts
A
bankruptcy
2
Q
Situation in which the supply of manufactured goods exceeds the demand
A
overproduction
3
Q
Sum of money paid regularly as a retirement benefit
A
pension
4
Q
Government practice of spending more money than is taken in from taxes
A
deficit spending
5
Q
Money the government is authorized to remove from a worker’s salary and use to help support the government
A
payroll tax
6
Q
Something offered as security for a loan
A
collateral
7
Q
Economic system in which the government avoids all interference with the economy.
A
Laissez Faire
8
Q
A loan in which a house is used as collateral.
A
Mortgage
9
Q
A time when the economy is at a low
A
recession
10
Q
A time when the economy is at its lowest
A
depression
