18 Flashcards

1
Q

national debt

A

the total deficit from the first presidency down to the present

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2
Q

gross domestic product

A

the total of all goods and services produced in the economy during a given year

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3
Q

monetarism

A

the belief that inflation occurs when too much money is chasing too few goods

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4
Q

keynesianism

A

the belief the gov must manage the economy by spending more money when in a recession and cutting spending when there is inflation

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5
Q

economic planning

A

the belief that gov plans, such as wage and price controls or the direction of investment, can improve the economy

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6
Q

supply side theory

A

the belief that lower taxes and fewer regulations will stimulate the economy

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7
Q

monetary policy

A

managing the economy by altering the supply of money and interest rates

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8
Q

fiscal policy

A

managing the economy by the use of tax and spending laws

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9
Q

globalization

A

growing integration of the economies and the societies of the world

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10
Q

budget

A

a document that states tax collections, spending levels, and the allocation of spending among purposes

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11
Q

fiscal year

A

for the fed gov, October 1 through the following September 30

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12
Q

budget resolution

A

a congressional decision that states the man amount of money the gov should spend

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13
Q

entitlements

A

a claim for gov funds that cannot be changed without violating the rights of claimant

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14
Q

sequester

A

automatic spending cuts

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15
Q

discretionary spending

A

spending that is not required to pay for contracts, interest on the national debt, or entitlement programs such as social security

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16
Q

deficit

A

the result of when the gov in one year spends more money than it takes in from taxes