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23 Cards in this Set
- Front
- Back
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tax dollars received by the government
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government revenue
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an expense
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expenditure
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a financial situation in which spending is less than income or revenues
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budget surplus
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the total amount of money owed by the Federal Government: 12/04/08 = $10,692,671,327,926.29; Est. U.S. population = 305,214,376; each citizen's share = $35,033.31; increases @ average rate of 3.89 billion per day since 9/28/07
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national debt
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unable to pay debts; 6 types: Chapter 7/Basic liquidation for Indiv./Businesses, C.9/ municipal bankruptcy, C.11/ rehabilitation/reorganization, C.12/Rehabilitation for family farmers&fishermen, C13/Rehab.w/payment plan for indiv.w/regular income source, & C15/Ancillary & other international causes.
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bankrupt
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First African American member of the Federal Reserve Board (1966), saved U.S. government money @ end of 1960's, worked w/ U.S. Commerce Dept. in Washington, D.C., & Federal Reserve Bank of N.Y.
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Andrew F. Brimmer
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A budget in which revenues are equal to spending
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balanced budget
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A government bond that is repaid within three months to a year.
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Treasury Bill
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A government bond that is repaid within 2-10 years
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Treasury Note
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A government bond that can be issued for as long as 30 years
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Treasury Bond
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A 12-month period that can begin on any date
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Fiscal Year
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Fiscal Policy
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The use of Government spending & revenue collection to influence the economy
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Government office that manages the federal budget
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Office of Management & Budget (OMB)
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Government agency that provides economic data to Congress
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Congressional Budget Office (CBO)
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A bill that sets money aside for specific spending
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Appropriations Bill
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Fiscal policies, like higher spending & tax cuts that encourage economic growth
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Expansionary policy
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Fiscal policies, like lower spending & higher taxes, that reduce economic growth
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Contractionary Policy
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Form of demand-side economics that encourages government action to increase or decrease demand or output
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Keynesian Economics
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The idea that free markets can regulate themselves; "Invisible Hand" = self-interest & competition
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Classical Economics
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A school of economics that believes tax cuts can help an economy by raising supply
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Supply-Side Economics
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A school of economics that believes Government spending & tax cuts help an economy by raising demand
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Demand-Side Economics
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The idea that every dollar of spending creates more than one dollar in economic activity (i.e. new money)
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Multiplier Effect
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The loss of funds for private investment due to government borrowing
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Crowding-Out Effect
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