AP Government & Politics Terms Directions: Economic policy is defined as the different strategies that government officials employ to solve economic problems.” Explain the “all significance that each of the following concepts has on economic policy. Do not define the terms; you should already have those in your reading notes. The idea here is to focus on the impact, importance, and complexity. Antitrust policies Federal Reserve System Balanced Budget Fiscal policy Progressive taxes Business Cycle Flat tax Protectionism Capital Tax Free trade policies Recession Collective Bargaining Gross Domestic Product Regressive taxes Consumption tax Inflation Self-regulating market Deficit Interest rates Supply side economics Depression Keynesianism Surpluses Deregulation Law of Supply and Demand Trade deficit Economic boom Monetary policy Value-added tax Economic bust Monopoly Excise taxes National Debt Civics & Economics Terms Directions: Define the following terms in your own words. Adam Equilibrium Price Profit Benefit Expenses Profit Motive Boycott Factors of Production Resources Capital Fixed costs Revenue Capital Goods Goods Scarcity Capitalism Gross Domestic Product Services Carrots Incentives Shortage Charter Income Sole Proprietorship Collective Bargaining Inelastic Specialization Command Economy Labor Sticks Communism Laissez-Faire Stock Competition Land Strike Complement Macroeconomics Subsidy Consumer Manufacturing Substitute Consumer Goods Marginal cost Supply Consumerism Market Economy Surplus Corporation Markets Taxes Cost Microeconomics Technology Cost-Benefit Analysis Money Total costs Demand Monopoly Trade-off Discretionary Mutual fund Traditional Economy Division of Labor Natural Resources Union Downsizing Needs Variable costs Economic Freedom Opportunity Cost Voluntary Exchange Economic models Partnership Wants Economics Private Property Rights Wealth of Nations Elastic Prize Entrepreneurship Productivity
AP Government & Politics Terms Directions: Economic policy is defined as “all the different strategies that government officials employ to solve economic problems.” Explain the significance that each of the following concepts has on economic policy. Do not define the terms; you should already have those in your reading notes. The idea here is to focus on the impact, importance, and complexity. Antitrust policies Balanced Budget Business Cycle Capital Tax Collective Bargaining Consumption tax Deficit Depression Deregulation Economic boom Economic bust Excise taxes Federal Reserve System Fiscal policy Flat tax Free trade policies Gross Domestic Product Inflation Interest rates Keynesianism Law of Supply and Demand Monetary policy Monopoly National Debt Progressive taxes Protectionism Recession Regressive taxes Self-regulating market Supply side economics Surpluses Trade deficit Value-added tax Civics & Economics Terms Directions: Define the following terms in your own words. Adam Benefit Boycott Capital Capital Goods Capitalism Carrots Charter Collective Bargaining Command Economy Communism Competition Complement Consumer Consumer Goods Consumerism Corporation Cost Cost-Benefit Analysis Demand Discretionary Division of Labor Downsizing Economic Freedom Economic models Economics Elastic Entrepreneurship Equilibrium Price Expenses Factors of Production Fixed costs Goods Gross Domestic Product Incentives Income Inelastic Labor Laissez-Faire Land Macroeconomics Manufacturing Marginal cost Market Economy Markets Microeconomics Money Monopoly Mutual fund Natural Resources Needs Opportunity Cost Partnership Private Property Rights Prize Productivity Profit Profit Motive Resources Revenue Scarcity Services Shortage Sole Proprietorship Specialization Sticks Stock Strike Subsidy Substitute Supply Surplus Taxes Technology Total costs Trade-off Traditional Economy Union Variable costs Voluntary Exchange Wants Wealth of Nations