Business cycles are fluctuations between growth and recession or periods of "boom and bust" and are inherent part of modern capitalist economics
What did the Fair Labor Standars Act of 1938 do for workers?
It was intended to protect the interest of low paid workers. The law set a minimum wage workers could be paid and a standard workweek of 40hrs. If workers worked over the 40hrs. the FLSA required that they be paid overtime.
What is GDP?
Gross Domestic Product is the total market value of all goods and services produced in a country during a year
______ is the amount by which federal expenditures exceeds federal revenue.
Federal Bedget Deficit
What is monetary policy?
Monetary Policy is a form of governemnt regulation in which the nation is money supply and interest rates are controlled
What did the Social Security Act do?
Established in 1935 it established old age insurance;assistance for the needy aged, blind, and families with dependent children; and unemploymen t insurance
What does "laissez-faire" mean in regard to government and the economy?
"To allow to do to leave alone"
It's a hands-off governmet policy that is based on the belief that government involvement in the economy is wrong.
the american economy in practice is what
it is a mixed economy because the governemt plays a regulatory role
What created the SEC and What is the SEC
It is the Securities and Exchange Commissions which regulates stock fraud and through the passage of laws such as minimum wage. The Securities exchange Act of 1934
FDIC stands for
Federal Deposit Insurance Corporation
What is inflation>
Inflation is a rise in the general price levels of an economy