Econ
Executive Departments: Roles & Functions
Department of State - Conducts foreign diplomacy and international relations.
Department of Treasury - Manages federal finances, revenue collection, and expenditures.
Department of Defense - Oversees the military and ensures national security.
Department of Justice - Enforces federal laws and oversees criminal justice.
Department of the Interior - Manages natural resources and public lands.
Department of Agriculture - Oversees farming, forestry, and food quality.
Department of Commerce - Promotes economic growth, trade, and industry.
Department of Labor - Protects worker rights and manages labor standards.
Department of Health & Human Services - Manages public health and social services.
Department of Housing & Urban Development - Oversees housing policies and urban development.
Department of Transportation - Regulates transportation and infrastructure.
Department of Energy - Manages energy resources and nuclear security.
Department of Education - Establishes educational policies and federal aid.
Department of Veterans Affairs - Provides services for veterans.
Department of Homeland Security - Ensures public safety and protects against threats.
Executive Agencies: Roles & Functions
NASA - Oversees space exploration and research.
EPA (Environmental Protection Agency) - Protects human health and the environment.
CIA (Central Intelligence Agency) - Conducts foreign intelligence and national security.
DEA (Drug Enforcement Administration) - Enforces drug laws.
FEMA (Federal Emergency Management Agency) - Responds to disasters and emergencies.
FDA (Food and Drug Administration) - Regulates food, drugs, and medical devices.
USCIS (U.S. Citizenship and Immigration Services) - Manages immigration and naturalization.
NTSB (National Transportation Safety Board) - Investigates transportation accidents.
OSHA (Occupational Safety and Health Administration) - Ensures workplace safety.
CDC (Centers for Disease Control and Prevention) - Protects public health from diseases.
FCC (Federal Communications Commission) - Regulates telecommunications and broadcasting.
CPSC (Consumer Product Safety Commission) - Ensures product safety.
FAA (Federal Aviation Administration) - Regulates air travel safety.
FTC (Federal Trade Commission) - Protects consumers and prevents unfair trade.
SEC (Securities and Exchange Commission) - Oversees securities markets.
ATF (Bureau of Alcohol, Tobacco, Firearms, and Explosives) - Enforces regulations on alcohol, tobacco, and firearms.
Fiscal & Monetary Policy
Fiscal Policy - Government's use of spending and taxation to influence the economy.
Monetary Policy - Central bank actions to control money supply and interest rates.
Control of Fiscal Policy - Managed by Congress and the President.
Control of Monetary Policy - Managed by the Federal Reserve.
Federal Reserve (Central Bank) - Regulates the money supply and stabilizes the economy.
Expansionary Fiscal Policy - Increases spending or decreases taxes to boost the economy.
Contractionary Fiscal Policy - Decreases spending or increases taxes to slow the economy.
Demand-Side Economics - Focuses on increasing demand to stimulate economic growth.
Supply-Side Economics - Focuses on incentives for production to boost economic growth.
Laffer Curve - Shows the relationship between tax rates and tax revenue. Associated with supply side economics.
Automatic Stabilizers - Government programs that automatically adjust with the economy.
Easy-Money Policy - Lowers interest rates to increase money supply.
Tight-Money Policy - Raises interest rates to decrease money supply.
Open-Market Operations - Buying/selling government securities to influence money supply.
Reserve Requirement - The amount banks must hold in reserve.
Discount Rate - Interest rate charged to banks by the Federal Reserve.
Federal Funds Rate - Interest rate for overnight loans between banks.
Trade & Globalization
World Trade Organization (WTO) - Manages international trade rules and agreements.
Absolute Advantage - When a country can produce more of a good with the same resources.
Comparative Advantage - When a country produces a good at a lower opportunity cost.
Factors Influencing Comparative Advantage - Resources, technology, and labor efficiency.
Exports - Goods sold to other countries.
Imports - Goods bought from other countries.
Trade Surplus - Exports exceed imports.
Trade Deficit - Imports exceed exports.
Free Trade - International trade without tariffs or restrictions.
Protective Tariff - Tax on imports to protect domestic industries.
Import Quota - Limit on the number of imports.
Trade Embargo - Ban on trade with a specific country.
Voluntary Export Restraint (VER) - Limit on exports to a specific country.
General Concepts
Expansionary Policy - Used to stimulate economic growth.
Protectionism - Policies aimed at protecting domestic industries from foreign competition.
Antitrust Legislation - Prevents monopolies and promotes competition.
Selling Government Securities - Central bank strategy to decrease money supply.
Deregulation - Reducing government regulations on businesses.
International Trade Agreements - Aim to promote trade and economic cooperation globally.