Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
17 Cards in this Set
- Front
- Back
|
What occurs when the government in one year spends more money than it takes in from taxes.
|
deficit
|
|
|
The total deficit from the first presidency down to the president.
|
national debt
|
|
|
The total of all goods and services produced in the economy during a given year.
|
gross domestic product
|
|
|
The belief that inflation occurs when too much money is chasing too few goods.
|
monetarism
|
|
|
The belief the government must manage the economy by spending more money when in a recession and cutting spending when there is inflation.
|
Keynesianism
|
|
|
The belief that government plans, such as wage and price controls or the direction of investment, can improve the economy.
|
economic planning
|
|
|
The belief that lower taxes and fewer regulations will stimulate the economy.
|
supply-side theory
|
|
|
The belief that a combination of monetarism, lower federal spending, and supply-side economics will stimulate the economy.
|
Reaganomics
|
|
|
Managing the economy by altering the supply of money and interest rates.
|
monetary policy
|
|
|
Managing the economy by the use of tax and spending laws.
|
fiscal policy
|
|
|
The growing integration of the economies and societies of the world.
|
globalization
|
|
|
A document that states tax collections, spending levels, and the allocation of spending among purposes.
|
budget
|
|
|
For the federal government, October 1 through the following September 30.
|
fiscal year
|
|
|
A congressional decision that states the maximum amount of money the government should spend.
|
budget resolution
|
|
|
A claim for government funds that cannot be changed without violating the rights of the claimant.
|
entitlements
|
|
|
Automatic spending cuts.
|
sequester
|
|
|
Spending that is not required to pay for contracts, interest on the national debt, or entitlement programs such as Social Security.
|
discretionary spending
|
