Economics, Chapter 16, Mr. Pintar

Front 1

Public-works projects

Back 1

*publicly used facilities such as schools, and highways, built by federal, state or lorcal governments with public money.

Front 2

medicare

Back 2

government program that provides health care for the aged.

Front 3

public goods

Back 3

*goods or services that can be used by many individuals at the same time without reducing the benefit each person receives.

Front 4

income redistribution

Back 4

government activity that takes income from some people through taxation and uses it to help citizens in need

Front 5

social-insurance programs

Back 5

*government programs that pay benefits to retired and disabled workers, their families and the unemployed.

Front 6

social security

Back 6

*federal program that provides monthly payments to people who are retired or unable to work.

Front 7

workers compensation

Back 7

*government program that extends payments for medical care to wrkers injured on the job.

Front 8

public-assistance programs/welfare

Back 8

*government programs that make payments to citizens based on need.
*example: welfare

Front 9

supplement security income

Back 9

*federal programs that include food stamps and payments to the disabled and aged.

Front 10

temporary assistance for needy families

Back 10

*state-runprograms that provides assistance and work opportunities to needy families.

Front 11

medicaid

Back 11

*state and federal public-assistance program that helps pay health care costs for low-income and disabled persons.

Front 12

externalities

Back 12

*economic side effects or by-products that affect an uninvolved third party; can negative or positive.

Front 13

fiscal year

Back 13

* year by which accounts are kept for the federal government, October to September 30th.

Front 14

budget deficit

Back 14

*situation when the amount of government spending exceeds it receipts during the fiscal year.

Front 15

deficit financing

Back 15

*government policy of spending more money that it is able to bring in through revenues.

Front 16

budget surplus

Back 16

*situation when the amount of government receipts is larger than its expenditures during the fiscal year.