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24 Cards in this Set
- Front
- Back
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changes gov't makes in spending or taxation to acheive particular economic goals
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fiscal policy
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the part of income that is left over after taxes are paid
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after-tax income
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changed the fed makes in the money supply
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monettary policy
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increase in money supply
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expansionary monetary policy
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a decrease in the money supply
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contractionary monetary policy
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the occurence of inflation and high unemployment at the same time
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stagflation
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income tax that everyone pays at the same rate, whatever the income level
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proportional income tax
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income tax whose rate increases as income level rises, structures are usually capped at some rate
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progressive income tax
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income tax whose rate decreases as income level rises
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regressive income tax
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sum total of what the fed gov't owes it creditors
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national debt
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situation in which fed govt expendentures are greater than fed govt tax revenues
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budget deficit
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the sistuation in which fed govt expenditures are less than fed govt tax revenues
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budget surplus
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goods produced in domestic country and sold to residents of a foreign country
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exports
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goods produced in foreign country and bought by residents of the domestic country
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imports
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difference between the value of a country's exports and the value of its imports
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balance of trade
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to do only one thing
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specialize
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work done for a company by another company or by people other than the original company's employees
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outsourcing
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tax on imports
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tarriff
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sale of goods abroad at prices below their costs and below the price charged in home markers
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dumping
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price of one country's currency in terms of another country's currency
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exchange rate
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decrease in value of one currency relative to other currencies
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depreciation
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increase in value of one currency relative to other currenicies
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appreciation
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a country with a relatively high per capita GDP
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developed country
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a country with a relatively low per capita GDP
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less developed country
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