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9 Cards in this Set
- Front
- Back
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fiscal policy
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economic policies involving taxing, spending, and deficit levels of the national government
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monetary policy
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economic policies involving the money supply, interest rates, and banking activity
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Federal Reserve Board (Fed)
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independent agency of the executive branch of the federal government charged with overseeing the nation's monetary policy
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mandatory spending
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spending for program commitments made by past congresses
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entitlement programs
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social welfare programs that provide classes of people with legally enforceable rights to benefits
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balanced budget
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when yearly expenditures equal yearly revenue
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déficit
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imbalances in the annual federal budget in which spending exceeds revenues
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national debt
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total debt accumulated by the national government over the years
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individual income tax
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taxes on individuals' wages and other earned income, the primary source of revenue for the U.S. federal government
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