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17 Cards in this Set
- Front
- Back
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defecit
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what occurs when the government in one year spends more money than it takes in from taxes
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national debt
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the total deficit from the first presidency down to the present
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gross domestic product
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the total of all goods and services produced in the economy during a given year
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monetarism
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the belief that inflation occurs when too much money is chasing too few goods
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Keynesianism
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the belief the government must manage the economy by spending more money when in a recession and cutting spending when there is inflation
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economic planning
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the belief that government plans, such as wage and price controls or the direction of investment, can improve the economy
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supply-side theory
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the belief that lower taxes and fewer regulations will stimulate the economy
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Reagonomics
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the belief that a combination of monetarism, lower federal spending, and supply-side economics will stimulate the economy
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monetary policy
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managing the economy by altering the supply of money and interest rates
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fiscal policy
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managing the economy by the use of tax and spending laws
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globalization
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the growing integration of the economics and societies of the world
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budget
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a document that states tax collections, spending levels, and the allocation of spending among purposes
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fiscal year
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for the federal government, October 1 through the following September 30
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budget resolution
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a congressional decision that states the maximum amount of money the government should spend
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entitlements
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a claim for government funds that cannot be changed without violating the rights of the claimant
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sequester
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automatic spending cuts
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discretionary spending
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spending that is not required to pay for contracts, interest on the national debt, or entitlement programs such as Social Security
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