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35 Cards in this Set
- Front
- Back
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national income accounting
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measure of national economy
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Net Domestic Product (NDP)
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measuring economy due to deprevation
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Transfer Payments
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payments given to individuals from the government
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Purchasing Power
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real goods and services money can buy
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Consumer Price Index (CPI)
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measure of change in price of the US over time
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Real GDP
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GDP adjusted for inflation
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aggregates
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summing up additional parts of the economy
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Business Fluctuations
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ups and downs in economy
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contractions
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economy is slowing down
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barter
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exchanging goods and services for goods and services
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commodity
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item that has value, but isn't money (diamonds)
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flat money
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money that has value due to the government
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thrift institutions
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mutual savings bank that is cheaper then commercial banks
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near money
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accounts that can be turned into money relatively easy
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monetary policy
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change the rate of growth of money supply to affect credit
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check clearing
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transferring money from bank to bank
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Open-Market Operations
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buying and selling US securities
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Public Works Project
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facilities with public money
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medicare
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government supplies health care
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public goods
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government supply by its citizens
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social insurance programs
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insurance paid for people with disabilities
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social security
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payments given to people who are retired
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Workers Compensation
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payments given to workers who were injured on the job
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Supplemental Security Income
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food stamps
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Medicaid
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healthcare payments for low income families
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Externalities
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economy effects an uninvolved 3rd party
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budget deficit
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government spends more money then it recieves
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Benefits Received Principle
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government supported people by paying paying taxes
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Ability-To-Pay Principle
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higher incomes pay more taxes
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Proportional Taxes
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taxes take same percentage from all incomes
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Progressive Tax
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larger percentage of taxes from higher incomes
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Regressive Tax
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more taxes from lower incomes
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John Maynard Keynes
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developed fiscal policy theories
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Milton Friedman
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believed Fed should increase money supply each year
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CCC
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Civilian Conservation Crew
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