Econ

Executive Departments: Roles & Functions

  1. Department of State - Conducts foreign diplomacy and international relations.

  2. Department of Treasury - Manages federal finances, revenue collection, and expenditures.

  3. Department of Defense - Oversees the military and ensures national security.

  4. Department of Justice - Enforces federal laws and oversees criminal justice.

  5. Department of the Interior - Manages natural resources and public lands.

  6. Department of Agriculture - Oversees farming, forestry, and food quality.

  7. Department of Commerce - Promotes economic growth, trade, and industry.

  8. Department of Labor - Protects worker rights and manages labor standards.

  9. Department of Health & Human Services - Manages public health and social services.

  10. Department of Housing & Urban Development - Oversees housing policies and urban development.

  11. Department of Transportation - Regulates transportation and infrastructure.

  12. Department of Energy - Manages energy resources and nuclear security.

  13. Department of Education - Establishes educational policies and federal aid.

  14. Department of Veterans Affairs - Provides services for veterans.

  15. Department of Homeland Security - Ensures public safety and protects against threats.

Executive Agencies: Roles & Functions

  1. NASA - Oversees space exploration and research.

  2. EPA (Environmental Protection Agency) - Protects human health and the environment.

  3. CIA (Central Intelligence Agency) - Conducts foreign intelligence and national security.

  4. DEA (Drug Enforcement Administration) - Enforces drug laws.

  5. FEMA (Federal Emergency Management Agency) - Responds to disasters and emergencies.

  6. FDA (Food and Drug Administration) - Regulates food, drugs, and medical devices.

  7. USCIS (U.S. Citizenship and Immigration Services) - Manages immigration and naturalization.

  8. NTSB (National Transportation Safety Board) - Investigates transportation accidents.

  9. OSHA (Occupational Safety and Health Administration) - Ensures workplace safety.

  10. CDC (Centers for Disease Control and Prevention) - Protects public health from diseases.

  11. FCC (Federal Communications Commission) - Regulates telecommunications and broadcasting.

  12. CPSC (Consumer Product Safety Commission) - Ensures product safety.

  13. FAA (Federal Aviation Administration) - Regulates air travel safety.

  14. FTC (Federal Trade Commission) - Protects consumers and prevents unfair trade.

  15. SEC (Securities and Exchange Commission) - Oversees securities markets.

  16. ATF (Bureau of Alcohol, Tobacco, Firearms, and Explosives) - Enforces regulations on alcohol, tobacco, and firearms.

Fiscal & Monetary Policy

  1. Fiscal Policy - Government's use of spending and taxation to influence the economy.

  2. Monetary Policy - Central bank actions to control money supply and interest rates.

  3. Control of Fiscal Policy - Managed by Congress and the President.

  4. Control of Monetary Policy - Managed by the Federal Reserve.

  5. Federal Reserve (Central Bank) - Regulates the money supply and stabilizes the economy.

  6. Expansionary Fiscal Policy - Increases spending or decreases taxes to boost the economy.

  7. Contractionary Fiscal Policy - Decreases spending or increases taxes to slow the economy.

  8. Demand-Side Economics - Focuses on increasing demand to stimulate economic growth.

  9. Supply-Side Economics - Focuses on incentives for production to boost economic growth.

  10. Laffer Curve - Shows the relationship between tax rates and tax revenue. Associated with supply side economics.

  11. Automatic Stabilizers - Government programs that automatically adjust with the economy.

  12. Easy-Money Policy - Lowers interest rates to increase money supply.

  13. Tight-Money Policy - Raises interest rates to decrease money supply.

  14. Open-Market Operations - Buying/selling government securities to influence money supply.

  15. Reserve Requirement - The amount banks must hold in reserve.

  16. Discount Rate - Interest rate charged to banks by the Federal Reserve.

  17. Federal Funds Rate - Interest rate for overnight loans between banks.

Trade & Globalization

  1. World Trade Organization (WTO) - Manages international trade rules and agreements.

  2. Absolute Advantage - When a country can produce more of a good with the same resources.

  3. Comparative Advantage - When a country produces a good at a lower opportunity cost.

  4. Factors Influencing Comparative Advantage - Resources, technology, and labor efficiency.

  5. Exports - Goods sold to other countries.

  6. Imports - Goods bought from other countries.

  7. Trade Surplus - Exports exceed imports.

  8. Trade Deficit - Imports exceed exports.

  9. Free Trade - International trade without tariffs or restrictions.

  10. Protective Tariff - Tax on imports to protect domestic industries.

  11. Import Quota - Limit on the number of imports.

  12. Trade Embargo - Ban on trade with a specific country.

  13. Voluntary Export Restraint (VER) - Limit on exports to a specific country.

General Concepts

  1. Expansionary Policy - Used to stimulate economic growth.

  2. Protectionism - Policies aimed at protecting domestic industries from foreign competition.

  3. Antitrust Legislation - Prevents monopolies and promotes competition.

  4. Selling Government Securities - Central bank strategy to decrease money supply.

  5. Deregulation - Reducing government regulations on businesses.

  6. International Trade Agreements - Aim to promote trade and economic cooperation globally.