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15 Cards in this Set

  • Front
  • Back
defecit
What occurs when the government in one year spends more money than it takes in from taxes
national debt
The total deficit from the first presidency down to the present
gross deomestic product
The total of all goods and servvices produced in the economy during a given year
monetarism
The belief That inflation occurs when too much money is chasing too few goods
Keynesianism
The belief the government must manage the economy by spending more money when in a recession and cutting spending when there is inflation
economic planning
The belief that government plans, such as wage and price controls or the direction of investment, can improve the economy
supply side theory
The belief that lower taxes and fewer regulations will stimulate the economy
Reganomics
The belief that a combination of monetarism, lower federal spending, and supply-side economics will stimulate the economy
fiscal policy
Managing the economy by the use of tax and spending laws
globalization
The growing integration of the exonomies and societies of the world
budget
A document that states tax collections, spending levels, and the allocation of spending among purposes
budget resolution
A congressional decision that states the maximum amount of money the government should spend
entitlements
A claim for government funds that cannot be changed without violating the rights of the claimant
sequester
Automatic spending cuts
discretionary spending
Spending tha tis not required to pay for contracts, interest on the national debt, or entitlement programs such a social security