Civics Chapter 20 Vocabulary
1. Business cycle- a recurrent fluctuation in the total business of a county. 2. Expansion- anything spread out; expanse.
3. Inflation- a persistent rise in the general level of prices related to an increase in the volume of money. 4. Costs of production- cost related to making or acquiring goods and services that directly generate revenue for a firm. 5. Peak- the maximum point, degree, or volume of anything. 6. Contraction- a restriction or withdrawal, as of currency or of funds available as money. 7. Recession- a period of economic contraction, sometimes limited in scope or duration. 8. Trough- a long, narrow, open receptacle, usually boxlike in shape. 9. Depression- a condition of general dejection and withdrawal. 10. Fiscal Policy- a government policy for dealing with the budget. 11. Monetary Policy- am attempt to achieve broad economic goals by the regulation of the supply of money. 12. Labor unions- an organization of wage earners or salaried employees for mutual aid and protection and for dealing collectively with employers. 13. Collective bargaining- process by which wages, hours, rules, and working conditions are negotiated and agreed upon by a union with an employer for all the employees collectively whom it represents. 14. Strike- a concerted stopping or work or withdrawal workers’ services, as to compel an employer to accede to workers’ demands or in protest against terms or conditions imposed by an employer. 15. Picketing- a person engaged in any similar demonstrations, as against a governments policies or actions. 16. Job action- any means of organized protest or pressure by employees to win some goal or gain from their employers. 17. Mediation- action in mediating between parties, as to effect an agreement or reconciliation. 18. Arbitration- the application of judicial methods to the settlement of international disputes.
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