Business U for the billionth time

Fiscal Policy

The means by which a government adjusts its tax rates and spending levels to influence a nation's economy.

Monetary Policy

Macroeconomic policy by the Federal Reserve that controls interest rates and money supply.

Tariff

A tax on imported goods to raise revenue and encourage domestic product sales.

Monopoly

A market dominated by one company with little or no competition.

Import/Exports

Goods brought into (imports) or sent out of (exports) a country.

Hamilton and Jefferson’s Early Beliefs

Hamilton supported strong federal control and industrial growth; Jefferson preferred state power and an agrarian economy.

U.S. Government’s Role Over Time

The federal government has become more active in regulating, supporting, and stabilizing the economy.

Federal Trade Commission (FTC)

Protects consumers and ensures fair business practices.

Occupational Safety and Health Administration (OSHA)

Ensures workplace safety and health standards.

Environmental Protection Agency (EPA)

Regulates pollution and protects the environment.

Small Business Administration (SBA)

Supports small businesses with loans and guidance.

Federal Reserve System

Controls U.S. monetary policy, interest rates, and money supply.

Securities and Exchange Commission (SEC)

Regulates the stock market and protects investors.

U.S. Department of Commerce

Promotes economic growth, trade, and business development.

Equal Employment Opportunity (EEO) Act

Prevents job discrimination based on race, gender, religion, etc.

Health Insurance Portability and Accountability Act (HIPAA)

Protects personal health information.

Family Educational Rights and Privacy Act (FERPA)

Protects student education records.

Zoning Laws

Regulations controlling how land can be used (e.g., residential, commercial).

Licensing Laws

Legal requirements to obtain a permit to conduct certain businesses or jobs.

Private Sector

Businesses owned by individuals or corporations.

Public Sector

Services and entities operated by the government.

Utility Patent

Protects new and useful inventions or discoveries of processes, machines, or compositions of matter; the most common type of patent.

Design Patent

Protects the ornamental design or appearance of a product, not its function.

Plant Patent

Protects new and distinct varieties of plants that are asexually reproduced.

Duration of Patent Protection

20 years for utility and plant patents; 15 years for design patents.

Capitalism

An economic system where companies are privately-owned, and prices are set by the market.

Disposable Income

The amount of money households have available for spending and saving after taxes are paid.

Equal Employment Opportunity Act of 1972

Prohibits discrimination on the basis of race, color, national origin, sex, religion, age, disability, political beliefs, and marital or familial status.

Interstate Trade or Commerce

Business conducted between states; regulated by the federal government.

Monetary Policy

Directed by the Federal Reserve, stimulates or slows down the economy by adjusting interest rates and money supply.

Monopolistic Competition

A market with many suppliers where differentiation occurs, aiming for price advantage.

Oligopoly

A market controlled by a small number of companies with high barriers to entry.

Pure Competition

A market with many companies offering similar products at similar prices.

Tariff

A tax on imported goods to raise revenue and promote domestic sales.