CHAPTER 20

Chapters 20 and 21 Vocabulary

Two grades for this

For each question write the answer on the answer sheet.

On a separate sheet of paper write a complete sentence that indicates that you understand the meaning of the word. No one writes all of the sentences.

Good Example for Congress-Congress is the nation legislature in Washington, DC that writes the laws.

Bad Examples-I like Congress. I drove by Congress yesterday. I would never name my dog Congress.

Question 1

What is something that workers on strike do in response to their company trying to hire other workers?

Question 2

What is the method of settling disputes in which the decision of an expert arbitrator is binding on both sides?

Question 3

What is it called when laborers have any kind of slowdown, or action short of a strike?

Question 4

What is the method of settling disputes that involves an expert on relations between labor and management who examines the issue and recommends a solution that is not legally binding on either side?

Question 5

What is the name of the federal government’s policy of taxing and spending?

Question 6

What is an organization of workers with the objective to obtain better conditions by making demands on their employers?

Question 7

What is the money supply called? Changes are made to it during a recession to aid the economy.

Question 8

What is the form of negotiation between labor union representatives and management representatives in which a compromise is usually reached?

Question 9

What is usually the response of labor unions when employers refuse to recognize or deal with them?

Question 10

What is the shifting of the economy from good times to bad times and then back to good times again?

Question 11

The trough is historically low. What state would an economist say that the economy is in?

Question 12

What word refers to a general increase in the price level of goods and services?

Question 13

What is the word for when the business cycle has reached a high point?

Question 14

When the economy reaches its lowest point, it is said to be in a….

Question 15

What is the economic slowdown that occurs after the economy peaks known as?

Question 16

Wages, payments for raw materials, transportation, rent and interest on money borrowed are examples of what?

Question 17

When the contraction becomes severe enough, it is known as a…

Question 18

A period of growth in which the GDP increases is known as…

Chapter 21 Vocabulary

Two grades for this

For each question write the answer on the answer sheet.

On a separate sheet of paper write a complete sentence that indicates that you understand the meaning of the word. You will not do this for every word and I need to see sentences by both partners.

You will know you are to write the sentence if the question has a picture. There are twelve sentences needed.

Question 1

What is it called when the government puts a limit on the exchange of goods to protect domestic jobs and industries from foreign competition?

Question 2

Who is a person who buys goods or services?

Question 3

What is the economic rivalry among businesses selling similar products called?

Question 4

What are signs that show economists how the economy is doing at the present time called?

Question 5

What is a person or company that provides goods or services?

Question 6

What can be used to illustrate the interactions of groups in the economy? (ex. Relationship between households, federal government and businesses)

Question 7

What do economists use to make predictions about future economic growth?

Question 8

What are the special tax reductions offered by the government that help lower a company’s tax bill if it follows certain policies the government favors?

Question 9

What are known as the economic signs that lag behind, or follow, major changes in the business cycle?

Question 10

What monetary policy increases the growth of the money supply and encourages economic growth?

Question 11

What does a nation have when it can produce more of a given product than another country can?

Question 12

What is known as the amount of money banks must have available at all times?

Question 13

What monetary policy reduces the growth of the money supply, and subsequently slows economic growth

Question 14

What does a country have when it can provide a product more efficiently and at a lower opportunity cost than another country can?

Question 15

What is the name for the difference between the value of a country’s exports and the value of its imports?

Question 16

What is the term that explains the value of the next best alternative to a product that is given up when a country specializes ?

Question 17

What tool is used by the government to carry out monetary policies that involves the buying and selling of government bonds?

Question 18

What is it called when a country buys more than it sells?

Question 19

What is it called when a country sells more than it buys?