| A | B |
|---|
| Factors of Production | The basic resources needed for a country’s economy |
| Competition | The effort that sellers of similar goods or services exert to attract consumers |
| Proletariat | The workers |
| Bourgeoisie | The people who own the means of production |
| Class Struggle | The ongoing competition between economic groups for resources and power |
| Exemption | Amount of money that is not taxed |
| Deduction | Amount of money that’s allowed to be subtracted from taxable income |
| Excise Tax | Tax on the manufacture, sale, or consumption of certain goods or services |
| Estate Tax | Tax placed on a deceased person’s assets when they are transferred to someone else |
| Gift Tax | Tax placed on transfer of certain gifts of value |
| Standard of Living | How well people in general are doing |
| Recession | Economic downturn |
| Inflation | General rise in prices that often accompanies economic booms |
| Fiscal Policy | Set of government spending, taxing, and borrowing policies used to affect economic performance |
| Monetary Policy | Set of procedures designed to control the amount of money in circulation and the interest rates |
| Federal Budget | U.S. spending program |
| Office of Management and Budget | Puts together the national budget for the President |
| Congressional Budget Office | Provides economic data, information, and analysis to Congress |
