Econ

Occupational Safety and Health Administration (OSHA)

Agency ensuring workplace safety and health regulations.

Equal Employment Opportunity Commission (EEOC)

Enforces laws against workplace discrimination based on various factors.

Food and Drug Administration (FDA)

Regulates food safety and pharmaceutical products.

Consumer Product Safety Commission (CPSC)

Protects consumers from hazardous products.

Federal Trade Commission (FTC)

Prevents unfair business practices and promotes consumer protection.

Federal Communications Commission (FCC)

Regulates interstate and international communications.

Environmental Protection Agency (EPA)

Agency focused on environmental protection and regulations.

Nuclear Regulatory Commission (NRC)

Regulates nuclear energy and materials for safety.

Antitrust laws

Laws preventing monopolies and promoting market competition.

Negative externalities

Unintended adverse effects from economic activities.

Public Goods

Goods that are not efficiently allocated by the price system.

Shared Responsibility

Collaboration among various government departments and commissions.

Privatization

Government selling contracts to private businesses.

Price Regulation

Government intervention often leads to increased prices.

Production Costs

Expenses incurred in the manufacturing of goods.

Service Levels

Variations in the extent of services provided.

Profits

Financial gains after subtracting costs from revenue.

Productivity

Measure of output per unit of input.

Commercial Banks

Institutions that lend, accept deposits, and transfer money.

Savings and Loan Associations

Organizations for lending money and accepting deposits.

Credit Cards

Plastic cards for borrowing funds for purchases.

Mutual Savings Banks

Banks catering to small depositors overlooked by larger banks.

Credit Unions

Member-owned financial cooperatives for specific groups.

Fiscal Policy

Government's approach to spending, taxing, and borrowing.

Proportional Taxes

Flat tax rates applied uniformly across income levels.

Progressive Taxes

Higher income earners pay a larger percentage of income.

Regressive Taxes

Lower income earners pay a larger percentage of income.

Types of Taxes

Includes income, corporate, social security, property, and sales taxes.

Revenue Tariffs

Taxes imposed to generate government revenue.

Protective Tariffs

Taxes aimed at limiting foreign goods in the market.