Ap Gov Glossary Words Chapter 18

Front 1

budget (ch. 18)

Back 1

a document that states tax collections, spending levels, and the allocation of spending among purposes

Front 2

budget resolution (ch. 18)

Back 2

a congressional decision that states the maximum amount of money the government should spend

Front 3

deficit (ch. 18)

Back 3

what occurs when the government in one year spends more money than it takes in from taxes

Front 4

discretionary spending (ch. 18)

Back 4

spending that is not required to pay for contracts, interest on the national debt, or entitlement programs such as Social Security

Front 5

economic planning (ch. 18)

Back 5

the belief that government plans, such as wage and price controls or the direction of investment, can improve the economy

Front 6

entitlements (ch. 18)

Back 6

a claim for government funds that cannot be changed without violating the rights of the claimant

Front 7

fiscal policy (ch. 18)

Back 7

managing the economy by the use of tax and spending laws

Front 8

fiscal year (ch. 18)

Back 8

for the federal government, October 1 through the following September 30

Front 9

globalization (ch. 18)

Back 9

the growing integration of the economies and societies of the world

Front 10

gross domestic product (ch. 18)

Back 10

the total of all goods and services produced in the economy during a given year

Front 11

Keynesianism (ch. 15)

Back 11

the belief the government must manage the economy by spending more money when in a recession and cutting spending when there is inflation

Front 12

monetarism (ch. 18)

Back 12

the belief that inflation occurs when to much money is chasing too few goods

Front 13

monetary policy (ch. 18)

Back 13

managing the economy by altering the supply of money and interest rates

Front 14

national debt (ch. 18)

Back 14

the total deficit from the first presidency down to the present

Front 15

Reaganomics (ch. 18)

Back 15

the belief that a combination of monetarism, lower federal spending, and supply-side economics will stimulate the economy

Front 16

sequester (ch. 18)

Back 16

automatic spending cuts

Front 17

supply-side theory (ch. 18)

Back 17

the belief that lower taxes and fewer regulations will stimulate the economy