Ap Gov Terms Chapter 18

Front 1

budget

Back 1

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

Front 2

budget resolution

Back 2

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

Front 3

deficit

Back 3

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

Front 4

discretionary spending

Back 4

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

Front 5

economic planning

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

Back 6

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

Front 7

fiscal policy

Back 7

managing the economy by the use of tax and spending laws

Front 8

fiscal year

Back 8

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

Front 9

globalization

Back 9

the growing integration of the economies and societies of the world

Front 10

gross domestic product

Back 10

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

Front 11

monetarism

Back 11

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

Front 12

monetary policy

Back 12

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

Front 13

national debt

Back 13

the total deficit fromj the first presidency down the present

Front 14

reaganomics

Back 14

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

Front 15

sequester

Back 15

automatic spending cuts

Front 16

supply-side theory

Back 16

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