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| business cycle | A sequence of economic activity typically characterized by recession, fiscal recovery, growth, and fiscal decline. |
| consumer price index (CPI) | A measure of the overall price level in the economy |
| consumer | An individual or group who uses resources, goods and services to satisfy economic wants. |
| demographics | Characteristics shared by a group of people, such as age, occupation, gender, education, etc. (Often demographics are used to make public policy decisions.) |
| depression | A period of low economic activity and widespread unemployment. |
| discount (interest) rate | - The interest rate the Federal Reserve System charges member banks for overnight loans. Percentage charged on a loan. |
| domestic policy | - Policies related to a country’s internal affairs. |
| economic growth | Growth that occurs when increasing amounts of goods and services are produced over the long term. (Measured as GDP (gross domestic product)) |
| economic sanction | Economic penalties applied by one country(s) on another for economic or political reasons. (Ex: Tariffs, duties, quotas, or embargoes) |
| embargo | An order prohibiting trade with another country. |
| entitlement programs | Government programs designed to help elderly, ill and unemployed citizens |
| equity | Most commonly thought of as "justice", however equity developed as a separate body of law in England in reaction to the inability of the common law courts to provide a remedy for every injury. |
| federal budget | revenue and appropriations of the government. |
| fiscal policy | A government course of action that seeks to achieve socioeconomic goals by changing the level of taxing and governmental spending in the economy. |
| foreign aid | Economic, military, technical, and financial assistance given to other countries. |
| foreign policy | Policies of the federal government directed to matters beyond United States borders, especially relations with other countries. |
| gross domestic product (gdp) | The total dollar value of all final goods and services produced within a country's borders in a given time period. |
| inflation | An increase in the overall price level in an economy. |
| interest rates | The interest rate the Federal Reserve System charges member banks for overnight loans. Percentage charged on a loan. |
| medicaid | A social program that gives the states money to help those who cannot afford to pay for their hospital bills. |
| medicare | A social program that helps pay for medical care for the elderly. |
| monetary policy | Developed by the Federal Reserve System (FED). They use open market operations, adjustments in reserve requirement and changes in the primary credit rate (discount rate) in order to help the economy grow, keep prices stable, and keep employment at a high level |
| open market operations | The means the Federal Reserve System uses to affect the economy by buying or selling government securities on the open market. |
| opportunity costs | - The foregone benefit of the next best alternative when an economic decision is made. If the class chooses to go to the library to work on their computer skills instead of having recess, then opportunity cost of the choice is having recess. |
| recessions | A slowdown in economic activity for at least two consecutive quarters (6 months). |
| recovery (economic) | Increased economic activity during a business cycle, resulting in growth in the gross domestic product. |
| regulatory agency | Governmental departments that issue laws, ordinances, and other regulations that people and businesses must comply with. |
| reserve requirement | The required percentage of deposits that banks must hold in cash or deposits at the Federal Reserve. This requirement is set by the FED. |
| revenue | total income of a business or a unit of government. |
| scarcity | The condition that results from unlimited economic wants and the limited resources, goods, and services available to satisfy those wants. |
| social security | A program of old-age, unemployment, health, disability, and survivors insurance, maintained by the U.S. federal government through social insurance taxes. |
| tariff | A list of duties or taxes placed by a government on imported or exported goods. |
| tax | Mandatory payment to the government (Ex: income, sales, estate, etc.) |
| trade-offs | A situation that occurs when choices or decisions involve giving up (trading off) some of one thing to get more of something else. |
| treaty | A formal agreement between two or more sovereign states. |
| uncontrollables | An obligation in the budget that cannot be controlled, reduced, or dispensed with. (Ex: Interest on national debt) |
| Center for Disease Control (CDC) | – United States Agency for protecting the public health and safety of people by providing credible information to enhance health decisions. |
| Environmental Protection Agency (EPA) | An independent federal agency established to coordinate programs to reduce pollution and protect the environment. |
| European Union (EU) | An organization of European nations that establishes the legal European citizenship and sets economic (Euro) and political policies of its member nations. |
| Federal Aviation Agency (FAA) | An agency in the Department of Transportation that is responsible for the safety of civilian aviation |
| Federal Communications Commission (FCC) | An independent government agency that regulates interstate and international communications by radio and television and wire and cable |
| Federal Reserve System | nation's central bank. |
| Food and Drug Administration (FDA) | A federal agency in the Department of Health and Human Services established to regulate the release of new foods and health-related products. |
| International Monetary Fund (IMF) | An international organization of 184 countries established to promote monetary cooperation and exchange stability. The organization also fosters economic growth and high levels of employment and provides temporary financial |
| International Red Cross/Red Crescent | International humanitarian organizations with the mission to care for the sick and wounded in war and help relieve suffering caused by pestilence, floods, fires, and other calamities. |
| North American Free Trade Agreement (NAFTA) | An agreement that removed trade restrictions among the U.S., Canada, and Mexico to increase free cross-border trade. |
| North Atlantic Treaty Organization (NATO) | Defensive alliance/treaty. It was created in 1949 and its members - the United States, Canada, most Western European nations, and Turkey – agreed to combine forces to treat any war against one as a war against all. |
| United Nations (UN) | International organization designed after WWII to promote world peace and cooperation among nations. |
| World Bank | An international organization committed to assisting under-developed nations combat health related issues including simple childhood diseases and epidemics. |
| World Health Organization (WHO) | An international organization based in Geneva that monitors and enforces rules governing global trade. |
| United Nations Security Council | Division of the United Nations charged with maintaining international peace, composed of five permanent members and ten temporary members. |
| United Nations General Assembly | The main deliberative body of the United Nations, composed of delegations from member nations. |
