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Economic Growth - A steady, long-term increase in real GDP., Business Cycle - Fluctuations in the growth of real GDP, consisting of alternating periods of expansions and contractions., Depression - A long-term, often lasting years, economic state characterized by high unemployment and low prices and low levels of trade and investment., Recession - A period of economic decline identified by a fall in GDP in two successive quarters., Contraction  - A period of economic decline marked by falling real GDP., Expansion - A period of economic growth as measured by a rise in real GDP., National Debt - The sum of government deficits over time., Budget Deficit - A situation in which the government spends more than it takes in tax revenue., Budget Surplus - A situation in which the government takes in more tax revenue than it spends., Federal Reserve - A national banking system, established in 1913, that controls the U.S. money supply and the availability of credit in the country. Sets monetary policy., Federal Open Market Committee - The 12 member group that determines the purchase and sale policies of the Federal Reserve Banks in the market for U.S. government securities. Made up of Board of Governors and district bank presidents., Fed Funds Rate - The interest rate banks charge each other for overnight loans., Discount Rate - The interest rate on the loans that the Fed makes to banks through the discount window., Monetary Policy - Regulation of the money supply by the Federal Reserve System through buying and selling bonds, changes in the Reserve Ratio, interest on Reserves, and changes in the discount rate., Board of Governors - The seven-member board that oversees the Federal Reserve System on a 12 year term., Federal Reserve Chair - The leader of the Federal Reserve's Board of Governors, appointed by the president for a four-year term., Contractionary Policy - A fiscal or monetary policy used to reduce economic growth, used when the business cycle is in expansion and inflation is a problem., Fiscal Policy - Government policy of the President and Congress that attempts to manage the economy by controlling taxing and spending., Government Securities - Treasury bonds, sold and bought by the Federal Reserve to change the money supply in Monetary Policy., Open Market Operations - The monetary policy action of buying & selling government securities to change the supply of money.,

Economics-Unit 7

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