Lecture 15: Daylight Savings Time and Economic Policies

These flashcards cover key vocabulary and concepts discussed in Lecture 15 related to Daylight Savings Time, pedestrian safety, and economic policies.

Daylight Savings Time

A practice of setting the clock forward by one hour during warmer months in order to extend evening daylight.

Pedestrian Fatalities

Deaths of individuals while walking, often as a result of being struck by vehicles.

Multiplier Effect

The proportional amount of increase in final income that results from an injection of spending.

Fiscal Policy

Government policy regarding taxation and spending to influence the economy.

Monetary Policy

Actions taken by a central bank to control the money supply and interest rates.

Credit Markets

Markets where debt instruments such as loans and bonds are bought and sold.

Comparative Advantage

The ability of an entity to produce goods or services at a lower opportunity cost than others.

Government Deficit

A situation where government expenditures exceed its revenues.

Infrastructure Spending

Government investment in physical systems such as transportation, utilities, and public facilities.

Economic Expansion

An increase in the amount of goods and services produced per head of the population over a specific period.

Specialization

The process of focusing on a specific area of production to increase efficiency and productivity.

Trade and Specialization

The exchange of goods and services, where individuals or entities focus on what they produce best.