| A | B |
|---|
| balance of trade | the relationship between the value of a nation's exports and imports |
| civil service | government jobs for which appointments and promotions are based on merit |
| collective bargaining | negotiations between a group of workers and their employer concerning wages, hours, and working conditions |
| command economy | economic system in which the government decides how much to produce |
| depression | period of decline in business activity usually marked by high levels of unemployment |
| dividends | a payment to a shareholder of a portion of the earnings of a corporation |
| expenditures | the act of expending; disbursement |
| fiscal policy | the use of the revenues and expenditures of a government to influence the economy |
| free market | the consumer has a say in the making of economic decisions |
| inflation | an increased in the general level in prices for goods and services |
| injunction | court order that prohibits an individual or group from carrying out a given action |
| monetary policy | actions by the federal reserve system to control the availability and cost of credit |
| price controls | government method of fixing prices to avoid rapid inflation |
| scarcity | characteristics of all economic resources |
| socialism | political and economic system based on the belief that the means of production should be owned byt he government |
| traditional economy | society in which economic decisions are made according to habit, custom, or tradition |
| wildcat strike | a labor strike which has not been sanctioned by the officals of a union |
| demand | willingness to purchase representing desire and ability to satisfy a want or need |
| economic cycle | economic trends that move through periods of prosperity and recession |
| legal tender | any substance declared to be money by government decree |
