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13 Cards in this Set
- Front
- Back
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Entitlement
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A required gov't expenditure that continues from one year tothe next. |
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Fiscal Policy
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A gov't use ofspending and taxation to influence the economy.
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Tax
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The money that people and businesses pay to support theactivities of the gov't. |
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GPD
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The total amount of goods and services produced within thecountry. |
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Aggregate demand
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The total demand ofgoods and services at a given price and given time.''
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Expansionary policy
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Intention to increase the overall money supply to encourageeconomic growth or to decrease inflation. |
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Contractionary policy
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intention to increse the overall money supply to discouragespending. |
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Discretionary spending
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Spending that Congress decides on each budget year. |
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Mandatory Spending
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Spending thatCongress must by law include in each years budget.
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Recession
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Two consecutivefiscal yearly quarters in which there is negative economic growth by GDP.
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Inflation
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Prices of goods andservices rise faster than employee wages and/or the buying power of currency.
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Deflation
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Decline in prices forgoods and services usually caused by decrease in the money supply or availablecredit.
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Progressive tax
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Gov't tax charges increase based on the amount of personalincome. |
