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13 Cards in this Set
- Front
- Back
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Entitlement
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A required government expenditure that continues from one year to the next.
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Fiscal Policy
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A government’s use of spending and taxation to influence the economy.
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Tax
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The money that people and businesses pay to support the government.
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GDP
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The total amount of goods and services produced in a country. |
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Aggregate Demand
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The total demand of goods 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 encourage economic growth or to decrease inflation. |
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Contractionary Policy
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Intention to decrease the overall money supply to discourage spending. |
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Discretionary policy
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Spending that Congress decides on each budget year. |
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Mandatory Spending
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Spending that Congress must by law include in each year’s budget. |
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Recession
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Two consecutive fiscal yearly quarters in which there is negative economic growth by GDP. |
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Inflation
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Prices of goods and services rise faster than employee wages or the buying power of currency. |
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Deflation
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Decline in price of goods and services usually caused by decrease in money supply. |
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Progressive Tax
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Government tax charges increase based on amount of personal income. |
